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




Brisbane crime spree ends with new life in Rockhampton

Nathan William Britt

23-year-old wants to relocate to Rocky when released

Roadworks near Stockland Rockhampton tomorrow

Detours will be in place near Stockland Rockhampton

Top five travel trends for 2016

Escape Travel's Rachelle Forse takes a trip to Disneyland.

The world is your oyster with these top five travel trends for 2016

Latest deals and offers

Thy Art Is Murder are killing it

See Thy Art is Murder on their killer tour happening right now. Photo Contributed

We talk with Thy Art is Murder about touring, babies, and new music

Date announced for Prince tribute concert

A Prince tribute concert will take place later this year

Matt Damon is taking a break from acting

Matt Damon is taking a break to spend time with his family

Police foiled terrifying 1m plot to kidnap Katie Price

Police foiled a £1 million plot to kidnap Katie Price and her family

Kristen Bell's baby confession

Kristen Bell once pretended to be asleep when her baby woke up early

Babylon 5's Jerry Doyle has died

Jerry Doyle has died from unknown causes at the age of 60

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

Iconic Denison St building sold for close to $1M

The Swan Hotel building in Denison St.

ONE of Rockhampton’s most iconic buildings has been sold

Unique Rockhampton bar hits the market

HOT PROPERTY: Cuban themed bar Chango Chango is up for sale.

Popular Rocky bar hits the market.

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd