Aurizon profit edges up
Australia’s largest freight operator, Aurizon, has posted an one per cent gain in net profit after higher earnings were offset by redundancy costs.
Aurizon, formerly known as QR National, made a net profit of $447 million for the 2012/13 financial year, up from $441 million for the previous year.
Underlying profit, which excludes one-off costs, was up 16 per cent to $487 million
The company reduced the size of its workforce by 11 per cent during the year, cutting the number of total staff from 8,969 to 7,969.
Aurizon achieved statutory earnings before interest and tax (EBIT) of $685 million for the year, up seven per cent on the previous year’s $593.
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Its underling EBIT was $754 million, up 29 per cent.
The company attributed the improved earnings to an increase in iron ore volumes in Western Australia, revenue growth from the Goonyella to Abbot Point Expansion, higher coal revenues and contract changes.
Chief executive Lance Hockridge said the company would continue to reduce costs over the next two years and expected coal haulage volumes to increase five per cent this financial year.
“Aurizon remains confident in sustained and long-term growth in the resources sector, though at more moderate levels,” he said in a statement.
The company declared a final dividend of 8.2 cents, 90 per cent franked.
