Solid 1H for Aurizon but Outlook is Subdued; FVE Downgraded to AUD 4
Narrow-moat Aurizon's underlying earnings from continuing operations were down a little in first-half fiscal 2018, as the previous corresponding period, or pcp, benefited from revenue true-ups for the regulated Queensland rail network. Excluding this, earnings would have been up marginally, which we consider to be a reasonable result. First-half underlying EBIT fell 3% to AUD 485 million and underlying net profit after tax fell 5% to AUD 282 million from continuing operations, broadly in line wi...
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