Fresh from delisting, new Qube entity sees a few silver linings
Chalmers bids goodbye to the Australian Securities Exchange as an individual entity and records an annual net loss of $5.125 million, compared with a $573,000 loss last year.
The port transport and logistics firm recently bought by Qube saw its revenues fall 9 per cent to $61.622 million for the financial year.
The company put the profit plunge down to continuing poor financial performance of its Brisbane and Melbourne empty container parks, an issue that has plagued the company in recently.
“The container stock levels and gate moves remain at historically low levels,” the company says.
“These low levels of activity have been caused by a combination of loss of customers, adverse climatic conditions and change in shipping line behaviour, that is direct terminal de-hire.
“The Chalmers Tank Service operations continued to suffer without being able to replace lost project work.”
Read how news of the Qube takeover of Chalmers broke, here
The company reports efforts to create new revenue streams for the service are unlikely to bear significant fruit before the first half of next calendar year.
Against these developments, the Queensland Logistics and Transport operations grew their revenue “significantly” on the previous financial year.
“More importantly, this revenue growth translated into noticeably improved operating profits,” the company says it.
“Driving this improved profit were both imports and exports, with timber and aluminium being the main commodities.”
Imported construction material boosted revenues for the Melbourne Logistics operation but “significantly lower yield” meant it returned an operating loss.
Lower agricultural exports and through the port crushed Melbourne transport revenues but “increased business development activities achieve some success with addition of several new large clients”.
No financial breakdown was given for the segment performances.