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Aurizon Holdings Ltd on Monday reported a five percent fall in its first-half profit, as earnings were hurt by a one-off charge related to its Network business.
Australia’s top coal hauler reported an underlying profit of A$281.5 million ($219.65 million) for the six months to Dec. 31, down from A$295 million a year ago.
Network revenue was down reflecting the one off regulatory true-up for the business in the first half, the company said in a statement.
The company’s stock had dropped sharply after Queensland Competition Authority (QCA) drafted a decision capping Aurizon Network’s allowable revenue at A$3.89 billion for the period from July 1 2017 to June 30 2021, nearly A$1 bln lower than requested by the company.
“As we continue to align our operating practices to the QCA’s Draft Decision further changes are likely to be implemented, with potential to further reduce volumes,” said Aurizon Chief Executive Andrew Harding.
On a bottom-line basis, including impairments and redundancy costs, Aurizon reported a 52 percent jump in its statutory net profit.
The Brisbane-based company reiterated its financial year 2018 underlying earnings before interest and tax (EBIT) forecast of between A$900 million and A$960 million.
The company declared an interim dividend of 14 cents per share from 13.6 cents a year ago.
This article first appeared on af.reuters.com
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