Australian rail-freight operator, Aurizon Holdings, has announced a 46% decline in their annual net profit for the 12 months ending in June. The company reported a net profit of 276 million Australian dollars (US$179 million), down from A$513 million in the previous year. These figures reflect headwinds caused by heavy rainfall.
Despite the challenging operating environment, Aurizon remains optimistic about the future. Chief Executive Andrew Harding stated that a boost in coal and network volumes during the fourth quarter has given the company confidence in an improved outlook for the upcoming fiscal year. Aurizon is also expecting increased activity for their Bulk and Containerised Freight businesses as they invest in new rollingstock, terminal, and port equipment to support growth with both new and existing customer contracts.
Directors have declared a final dividend of 8 Australian cents a share. Looking ahead, Aurizon forecasts Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) to be between A$1.59 billion and A$1.68 billion in fiscal 2024.