Australia's Aurizon Holdings on Monday reported a 34% fall in its first-half underlying profit and slashed its annual core earnings forecast, as prolonged wet weather and a derailment dented the rail-haulage firm's freight volumes.
An Aurizon coal train travels through the countryside in Muswellbrook, north of Sydney, Australia, April 9, 2017. REUTERS/Jason Reedon Monday reported a 34% fall in its first-half underlying profit and slashed its annual core earnings forecast, as prolonged wet weather and a derailment dented the rail-haulage firm's freight volumes.
The Queensland-based firm said it lowered the underlying EBITDA forecast for fiscal 2023 by 4% to between A$1.42 billion and A$1.47 billion, owing to the persistent rainy weather and a two-week derailment on the Blackwater line.It was "a challenging period operationally, with prolonged flooding on the East Coast together with a number of significant third-party derailments and incidents that resulted in reduced volumes and revenue," said Chief Executive Officer Andrew Harding.
For the first-half of 2023, the company's underlying net profit after tax stood at A$169 million, compared with A$257 million a year ago.
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