QUBE managing director Maurice James says the logistics company has enjoyed a successful 2017-18 financial year.
In a statement to the market on the occasion of the handing down of the logistics company’s annual results, Mr James said the year had been one of “completion and implementation” with net profit after tax up 4.5% to $106.8m.
“The company successfully met the challenge of staying focused on the core businesses in a tough competitive environment,” he said.
In the statement of results, Qube reported revenue and earnings in the ports and bulk division as increasing by 13.2% and 19.2% to $840.7m and $87.6m respectively on the previous reporting period.
Qube expressed confidence with the Moorebank project, noting it had decided to proceed with the automation of the IMEX rail terminal and appointed Kalmar Global to deliver equipment and operating systems.
Qube noted it was pleased with the performance of Patrick, the stevedoring business it half owns with Brookfield.
“Qube’s underlying post-tax earnings contribution from Patrick in the period was $26.9m, a 26.9% increase over the prior corresponding period,” the company stated.
“Patrick’s results benefitted from market growth as well as market share gains in the second half of the year. In the 12-month period to June 2018, market volumes (TEU) increased by around 8.3% while Patrick’s volumes increased by around 7.8% in this period.”
However, in the six months to June 2018, Patrick volumes were reported to have increased by around 15.6%.
“The prior 12-month period for Patrick included four months of the sizeable A3 contract that was lost in October 2016 and therefore Patrick has been successful in growing its market share in the second half of the period,” the Qube statement read.
Patrick finished with net debt of around $892m followed distribution of $123.2m to shareholders in the second half of the financial year.
“Qube will continue to invest in people and resources across the group in a range of areas including operations, safety, IT/technology and risk management to ensure that Qube continues to deliver on its major development projects.”