Soft Underlying Result for Qube; No Change to FVE
Narrow moat-rated Qube Holdings reported a soft result with underlying EBITA down 6% on the previous corresponding period to AUD 88 million, as a higher depreciation charge offset flat EBITDA. Underlying NPAT increased 19% to AUD 62 million mainly on the Patrick acquisition, which boosted interest income and earnings from associates, but EPS fell 6% to AUD 4.6 cents on dilution from the equity raise. Overall, we consider this a respectable result in tough operating conditions. We trim near-term ...Qube Holdings is engaged in providing logistics solutions across multiple aspects of the import-export supply chain. Co. is also involved in the management and development of properties. Co.'s segments include: logistics, which provides a range of services relating to the import and export of containerized cargo; ports & bulk division, which provides a range of logistics services relating to the import and export of mainly non-containerized freight, with focus on automotive, bulk and break bulk products; and strategic assets which include, among others, its 66.7% interest in the Moorebank Industrial Property Trust; a 37.5% interest in the Quattro Grain joint venture.
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