Why it matters: Wet weather, mine production issues and labour shortages toppled Aurizon earnings.
The rail haulage group expects profits in fiscal 2024 to be higher than fiscal 2023.
Aurizon will pay a final dividend of 8¢ per share compared with 10.9¢ a year earlier.
Aurizon’s bulk haulage income from its $2.35 billion One Rail Australia acquisition has fallen short of targets, contributing to a 46 per cent drop in annual net profit, but the company is teeing up potential customers for its land bridge plan.
The rail group’s shares fell 3 per cent to $3.59 after profits slid to $276 million, with higher finance and operating costs and lower coal volumes contributing to the decline as well as a $48 million loss related to the sale of One Rail’s east coast rail haulage business in February.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
