QR National has reported a 32 per cent fall in net profit.
Net profit fell to $189 million from the six months to December, which has been attributed to the fact that QR National didn’t receive a large tax credit unlike the year before from its privatisation.
The country’s largest rail operator warned that coal volumes won’t be as strong as they thought in the second half.
They said this is due to disruptions from industrial action and the continuing impact of flooding.
QR National said that it expects underlying earnings before interest and tax in the full year to be $578 million.
First half revenue rose 1.4% on-year to $1.72 billion and the company declared an interim dividend of 3.7 Australian cents a share.
QR National chief executive Lance Hockridge said:
”It has been a tough environment. But apart from the bottom-line result all of our numbers are moving in the right direction.”
