Aurizon’s Poor 1H was Mostly Expected; No Change to FVE
Aurizon’s earnings have been hit hard after implementation of new, lower regulated tariffs in the network division. Group underlying EBIT fell 16% to AUD 406 million and NPAT fell 19% to AUD 227 million in first-half fiscal 2019. Interim dividends fell 19% to AUD 11.4 cents per share, based on a 100% payout ratio. Earnings are tracking below our prior forecast, but this just reflects timing of tariff implementation. We downgrade our fiscal 2019 earnings forecasts but our longer-term forecasts ar...Aurizon Holdings is engaged in integrated heavy haul freight railway operation; rail transportation of coal from mine to port for export markets; bulk, general and containerised freight businesses; and rail services activities. Co. has three segments: Network, which is engaged in the provision of access to, and operation and management of, the Central Queensland Coal Network; Commercial & Marketing, which is engaged in the commercial negotiation of sales contracts and customer relationship management; as well as Operations, which is engaged in the national delivery of various coal, iron ore, bulk and intermodal haulage services, and in the maintenance of rollingstock fleet assets.
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