Embattled port and rail operator Asciano suffers another setback, announcing a profit loss of more than $70 million
Embattled port and rail operator Asciano has suffered another setback, with more than $70 million being wiped off the company’s profit sheet.
Releasing its financial year results today, the debt laden Asciano announced a 64 percent slump in profits after tax, a loss of $71.76 million.
Its earnings before interest, tax and depreciation only rose by 0.4 percent to $655.2 million.
As its subsidiary Pacific National prepares to pull out of its loss making venture in Tasmania, Asciano Chief Executive Mark Rowsthorn has indicated a bleak year lies ahead.
“Whilst there are signs that a number of our businesses have seen volumes stabilise following significant weakness during the March quarter, there remain few if any signs of an imminent recovery in the domestic and international economies,” Rowsthorn says.
Asciano intends on focusing on a number of strategic objectives in the coming year, which Rowsthorn hopes will lead to incresae in revenue and profits.
This includes the removal of all refinancing risks for the current financial year, continued investment in the company’s Queensland coal business and a continued focus on cost and reduction efficiency gains.
Asciano is the parent company of Patrick and Pacific National.