Aurizon chief executive Andrew Harding has blamed the La Nina weather system for a cut to full-year earnings guidance and the halving of interim net profits to $130 million.
Aurizon boss Andrew Harding has cut the rail group’s full-year earnings guidance, blaming flooding on the east coast.Analysts and investors were surprised and disappointed by the drop in earnings and a cut to full-year guidance given that Aurizon had reiterated its profit outlook at The company also warned that coal haulage volumes over the full year would be lower than the previous year and will pay a lower-than-expected interim dividend of 7¢ a share, compared with 10.5¢ a share a year earlier.Advertisement
Coal earnings slid 29 per cent to $130 million in the six months to December, with haulage volumes dropping 8 per cent to 90.5 million tonnes as coal minesWhile Aurizon has take-or-pay contracts with many of its coal-mining customers, these do not fully offset all volume declines. Aurizon had also invested in people and equipment to haul bulk goods for a customer in NSW but the client had experienced delays in getting the goods onto trains, Mr Harding said.
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