Asciano to invest heavily in coal growth opportunities and expects
October 28, 2009
Asciano says it will invest strongly in new growth opportunities this financial year on the back of a predicted before tax profit between $675 million and $700 million.
“Throughout the balance of this financial year, we will continue to invest heavily in new growth opportunities, particularly for our coal business in both Queensland and the Hunter Valley,” Asciano Chairman Tim Poole says.
Poole also says the company will keep a sharp eye on the privatisation of Queensland Rail (QR) as well as the entry of a third ports operator into the Port of Brisbane.
He reiterated his earlier confidence that Asciano’s decisions on its capital structure and cost base in recent times, while not showing much potential now, would eventually benefit the organisation greatly.
“Whilst these processes, together with the tough underlying environment and volatile capital markets, have resulted in a disappointing security price performance, I am confident that the hard decisions taken in the past year will underpin the value and growth prospects for Asciano going forward,” he says.