Qube sees ‘modest’ growth ahead as container imports decline
Key Points
- Qube will pay a higher-than-expected final dividend 4.35¢ per share, up from 3.3¢ a year earlier
- Imported container volumes are weakening, dropping 4.4 per cent in the second half compared with the same period a year earlier
- Qube is in dispute with a contractor over the costs of building an interstate rail terminal at Moorebank in south-western Sydney
Logistics group Qube warns that volumes of imported container goods are falling and growth will weaken this financial year after saying income earned from handling cars, grain and commodities helped lift annual net profit 32 per cent to $167.9 million in the year just ended.
Qube’s profits benefited from a 54 per cent jump in earnings before interest, taxation, depreciation and amortisation (EBITDA) to $224.5 million in its logistics and infrastructure business, while group profit margins rose to 10.7 per cent from 9.8 per cent a year earlier.
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