China bans on coal hit Aurizon, but profit up slightly
Freight and logistics company Aurizon has reported slightly improved net profit of $607 million for the year.
Aurizon's dividend is down on a lower profit
The Brisbane based company said its earnings before interest, tax, depreciation and amortisation was $1.48 billion, 1 per cent high than the previous year.
But the company’s forecast for 2022 is for EBITDA of between $1.425 and $1.5 billion.
Above-rail coal tonnages were down 6 per cent because of lower demand driven by the pandemic and China trade bans. Earnings from its coal division fell 13 per cent to $533 million but its bulks division earnings rose 27 per cent to $140 million.
The network business produced a 6 per cent increase to $849 million, but the company said the decrease in volumes resulted in a net udner-recovery of access revenue.
A 14.4 cents a share final dividend (70 per cent franked) was declared.
Managing director Andrew Harding said the company was forecasting a 5 per cent improvement in coal volume in 2022 as markets recover.
