Asciano reports 'generally buoyant' conditions

Asciano positive about future, despite reporting a downturn in bulk including rail and ports

October 22, 2009

Asciano is remaining positive about its financial position, despite reporting its bulk business interests including intermodal rail and container ports were down during the last quarter compared to the same period in 2008.

In a statement accompanying its latest results, the company’s CEO Mark Rowsthorn says key trends established in the business have continued during the second half of the last financial year, especially in Queensland.

"We are continuing to experience generally buoyant trading conditions for our key bulk businesses, and are delighted with the ongoing strength of our coal business, where we are earning revenue in Queensland ahead of our original target dates," Rowsthorn says.

"Whilst volumes for our non-bulk business remain below last year’s level, the overall results are in line with our expectations.

"In fact there have been encouraging signs within a number of our businesses, as volumes have shown signs of stability [and] improvement during the September quarter relative to the June 2009 quarter.

"Notwithstanding this, we are yet to see signs of a sustained underlying recovery, and continue to take a cautious view on the remainder of this financial year."

Asciano will hold its annual general meeting in Melbourne tomorrow.

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