News

Aurizon share price reaches record high in first six months

AURIZON has seen record tonnage on the Central Queensland Coal Network in the first six months of the current financial year.

The company's share price has also reached record highs, soaring to $5.25 on Monday before closing at $5.19.

Despite a strong result in the first half of 2013/2014, Aurizon looks set to cut 50 jobs in North Queensland.

In terms of business segments, coal performance generated a 3% increase in revenue and operating costs.

Throughput on the CQCN reached 107.6 million tonnes, an increase of 20% on the previous year.

On the strength of those record volumes, Aurizon adjusted its yearly forecast for coal haulage to 207 million to 212 million tonnes from the previous guidance of 200 million to 205 million tonnes.

The company recorded a net profit for the six-month period of $107 million, down from $176 million. The underlying net profit was up 18% to $263 million.

Aurizon CEO Lance Hockridge (pictured) said that the six-month results re-affirmed that Aurizon was on target for an operating ratio of 75% in 2015.

"We're running trains at higher velocities and with bigger payloads, with lower fuel and operating costs, and a smaller maintenance footprint," he said.

Aurizon delivered $417 million in capital investment, which included $215 million on growth projects including the Wiggins Island Rail Project, Hay Point Expansion and Rolleston Electrification.

An Aurizon spokesman said the company believed there was a strong future for the north-west rail corridor in Queensland but changes were needed to make it a long-term, commercially sustainable business in a highly competitive market.

The changes would result in a net reduction of about 50 positions at locations from Townsville to Mount Isa.

Topics:  aurizon




Malcolm Turnbull's high praise for Capricornia victory

Capricornia MP Michelle Landry meeting Malcolm Turnbull in Canberra.

Capricornia MP receives high praise from PM

BIG MOVE: Pat O'Driscoll reveals expansion plans

FRESH LOOK: Pat O'Driscoll Real Estate are moving into the first floor of The Rock Building Society.

Pat O'Driscoll expansion comes with new location.

Second fatal accident as safety campaign wraps up

SAFETY WEEK CRASH: A 57-year-old man was taken to Rockhampton Hospital with minor injuries after this crash on Canning St near the intersection with Fitzroy St.

Two fatal accidents have marred the end of Road Safety Week

Latest deals and offers

Tom Hiddleston's Instagram account hacked

Actor Tom Hiddleston

Thor star the latest celebrity targetted by hackers

Charlize Theron's son dresses up as Frozen character

Actor Charlize Theron

Star's son spotted dressed a beloved Frozen character

BOOKS: Food for thought in Caroline Beecham's latest novel

Maggie's Kitchen by Caroline Beecham is published by Allen & Unwin, RRP $29.99.

New novel reminds readers that bravery exists in many forms

TELEVISION: New show is a Survivor, for now

Jonathan LaPaglia hosts the TV series Australian Survivor.

WHAT happens when a new show with a big budget flops?

Rachel Weisz understands celebrity gossip fascination

Actor Rachel Weisz

Weisz says mystery is good for an actor

Gina Rodriguez relished dramatic change for new film

Jane the Virgin lead Gina Rodriguez

TV star shaved her hair for movie role

REVEALED: Pat Rafter's $18m Coast house on the market

Check out the photos of the Coast's most expensive property for sale

The "correction we had to have" in Gladstone's rentals

UPWARD MARCH: The rental vacancy rate in Gladstone has improved for the first time in more than a year, providing a confidence boost in the market.

Vacancy rates improve with signs that things are getting betterF

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Noosa mayor on "red alert" over planning court decision

Mayor Tony Wellington hands down his first budget.

Mayor upset at lack of say about look and feel of Noosa