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CONTAINERS AND GENERAL FREIGHT CRIMP QUBE OUTLOOK
Headwinds see QUBE take annual profit growth breather
Qube is wary of the potential impact of domestic and global volatility on its bottom line in 2020, the logistics giant reveals in its half-year update.
It comes as mixed results up to December 31 show statutory revenue rose 14.4 per cent to $957.3 million while statutory net profit after tax (NPAT) fell 15.9 per cent to $51.7 million on the previous corresponding period (pcp), attributed to a "new leasing standard which … will adversely affect Qube’s statutory earnings but has no impact on Qube’s cashflow or underlying earnings".
Qube’s 50 per cent interest in Patrick also saw $22 million underlying profit, an increase of 15.2 per cent over the pcp.
"Growth was achieved despite the continuation of headwinds that adversely impacted volumes in several of Qube’s key markets including container volumes, vehicle imports and rural commodities," the firm notes, pointing to the impact of the drought on NSW rail operations and empty container park activities, and weakness in volumes of vehicles, cement, steel and scrap metal.
That may be compounded by bushfires, adverse weather events and the coronavirus in the second quarter.
"Although these events have not had a material ithe corresponding periodmpact on Qube’s first half results, Qube currently expects some weakness in its second half underlying earnings as a result of the above factors that is likely to result in the level of underlying earnings growth in FY20 being lower than previously forecast.
"The uncertainty of these events, in terms of the quantum of their impact on Qube’s earnings and their likely duration, makes forecasting near term earnings inherently uncertain."
This article first appeared on www.fullyloaded.com.au
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