Aurizon welcomes positive vote on Queensland Train Crew and Transport Operations Enterprise Agreement
Update on Queensland Enterprise Agreements
Aurizon renews coal haulage contract for Dawson and Callide Mines with Anglo American and Mitsui
Aurizon uses drones to inspect rail assets
Aurizon welcomes Fair Work Commission decision to terminate Enterprise Agreements
Aurizon welcomes SIMTA and MIC Moorebank agreement
Aurizon reaches in principle agreement with unions on train crew EA
Aurizon welcomes positive vote on Queensland Construction and Maintenance Enterprise Agreement
Aurizon sets up Perth hub
Aurizon chief Lance Hockridge not done shaking up rail giant
The company credits the result from improved Ebit performance – up $A 29.3m in the Network (below-rail) business following increased revenues from the recently approved UT5 access undertaking, combined with strong performance by its Bulk business where new contracts and operational efficiencies resulted in a Ebit increase of $A 29.5m.
Aurizon recorded a statutory net profit after tax for the six months of $A 269m, a 19% increase compared with the first half of 2018-19. The company says that with solid operational and financial performance during the half, it is re-confirming its Ebit guidance of $A 880-930m for the full financial year.
Following the implementation of a new legal and capital structure for the company, ratings agencies confirm credit ratings for both Operations and Network at BBB+/Baa1 with thresholds that imply an additional $A 1.2bn in funding capacity is available.
During the half, Aurizon completed $A 215m of the $A 300m on-market share buy-back announced in August 2019 and confirmed that it has increased the buy-back offer to $A 400m.
A total of 106.3 million tonnes of coal was transported in Queensland and New South Wales in the six months to December 31 2019. This was on a par with the previous comparable period although a projected shortfall has resulted in a revision of expected volumes for 2019-20 to around 210-220 million tonnes.
Aurizon’s Network business, which provides infrastructure access across the Central Queensland Coal Network, saw a total of 116.6 million tonnes of traffic in the period, which is again comparable to same period in 2018.
Questioned by the media on the entry of, soon to be renamed, Genesee & Wyoming Australia into the Queensland coal market, Aurizon CEO Andrew Harding said he is not concerned about increased competition.
“We’ve been expecting entrants into the market for some years,” Harding says. “It’s built into the drivers behind our strategy. It’s just part of doing business and we expected it to happen, and it looks like it is happening.”
The post Aurizon reports solid half year results appeared first on International Railway Journal.
This article first appeared on www.railjournal.com
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2020 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.