Thursday 22nd Nov, 2018

Aurizon half-year results show big uptick in net profits


AURIZON’s half-year financial results for the 2017-18 financial year revealed a significant increase in net profits.

For the first half of FY 2018, Aurizon reported its statutory net profit after tax to be $281.5m, a 53% increase over the first half or FY 2017.

Explaining this result, the company cited $156m of impairments and “significant items” that were recognised in the prior period.

The company reported its revenue in the first half of FY 2018 to be $1.6m after a decrease of 3% on the same period the previous year.

Also noted in its half-year results was a 45% increase in total recordable injury frequency rate per million hours. The company explained that the increase was a result of updated reporting metrics and an increase in strain-related injuries.

In his commentary on the results, Aurizon CEO and managing director Andrew Harding said Aurizon’s intermodal interstate business was closed as planned at the end of 2017 and surplus locomotives and experienced employees had been transferred to the growing NSW coal business.

“Subject to regulatory approval, we are targeting closure of the transactions for the sale of the Queensland Intermodal business and the Acacia Ridge Freight Terminal on, or around, 30 June 2018,” he said.

“If we are not able to gain ACCC approval for the transaction, Aurizon will close the Queensland intermodal business, as we have done with the interstate business and potentially impacting up to 350 jobs.”

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