Inland Ports, Tricky Politics: Chris Corrigan’s Qube reels in $1.7bn public land sale
Qube writes down Moorebank rail hub
Qube purchases four Australian-made locomotives
Qube remains in a strong financial position
Qube cool on One Rail’s coal, watching brief on freight
Fitting the signal to the system
Qube invests in rail despite COVID hit to profits in 2020
JobKeeper messages between Qube Holdings and Treasury shed light on how ports giant qualified for subsidies
CONTAINERS AND GENERAL FREIGHT CRIMP QUBE OUTLOOK
Qube blames virus for weaker profits forecast
Despite the continued uncertainty and impact of Covid-19, Qube is in a strong financial position.
Maurice James, Qube’s managing director said in a business update on Monday April 6 that Qube is well positioned to work with all its key stakeholders to address the current challenging environment.
“Qube is in a strong financial position with significant liquidity (cash and available undrawn facilities) of over $450 million after the payment of the interim dividend which will occur on the 7th April 2020. Qube has no near term debt maturities and material headroom to its covenants,” James said.
“Qube is pursuing several initiatives to further increase its liquidity.”
The board of directors of Qube Holdings Limited said in the business update that it is not presently able to forecast underlying earnings for FY20 and is withdrawing previous guidance.
“Qube continues to benefit from its diversified operations and variability in its cost base which has enabled it to continue to generate positive earnings and cash flow despite declining volumes in parts of its business,” the board of directors said.
The board of directors gave an update on the potential major tenant for Moorebank Precinct West, stating that formal agreements have now been finalised and an agreement has been made.
“The agreement is currently expected to be considered by the counterparty’s Board for approval in late April/early May although the current environment may delay this,” they said.
“Qube is continuing to progress the partnering / monetisation process focussed on Moorebank and certain other property assets.
“Qube has received significant interest from a high quality group of prospective partners who are keen to participate in the next stage of the process.”
Qube is continuing to operate as an essential service for transporting goods, however the company expects a decrease in volumes in several of its markets due to the impact of tighter restrictions, demand, and operations.
The board of directors said the effect from the pandemic to March 31 this year has impacted Qube productivity, but noted that bulk activities continue to experience normal volumes with minimal disruptions or slowdowns.
Container volumes across Qube’s operations have been weaker reflecting the general slowdown in economic activity in domestic and international markets, as well as other products including vehicles, bulk and general cargo.
This article first appeared on www.railexpress.com.au
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 © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.