Pacific National profit

rhino · Posted: Wed May 19, 2004 2:44 pm

From "The Australian Investor"

Patrick Corporation Ltd and Toll Holdings Ltd today announced that their jointly owned rail investment Pacific National had recorded a profit after tax (before significant items) of $56.3million for the 9 months ending 31st March 2004, which represented a 38% increase over the previous corresponding period.

The result was based on revenues of $821.3million, compared to $803million in the prior period, and earnings before interest & tax (before significant items) of $105.5million, an improvement of 24% over the prior period.

Revenues in the coal and intermodal sectors remain strong & showed solid improvement over the previous corresponding period. Grain revenues, on the other hand, were significantly lower than previously due to shipments still being impacted by drought conditions.

Results included those of newly acquired Australian transport Network (ATN) business, which were accounted for from the beginning of March. Revenues and earnings from this business were not material in the overall result, however the integration of ATN is proceeding well.

Spokesman for the shareholders said that in the main operations are continuing to perform satisfactorily, however lower grain shipments were still impacting on the level of returns in the company. The recently concluded Enterprise Agreement was in the process of implementaion and improvements in productivity should flow over coming months.

Cheers, Rhino