Aurizon profit takes hit from China coal ban : comparemela.c

Aurizon profit takes hit from China coal ban


Business
by Glen Norris
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Rail giant Aurizon's profit has taken a hit from China's ban on Australian coal, with the company forecasting the chilly trade relations could remain for an extended period.
Brisbane-based Aurizon, which connects more than 50 coal mines to ports on the east coast of Australia, announced a 22 per cent decline in half-yearly profit to $267m. Revenue fell 2 per cent to $1.498b.
The result was impacted by the sale of Aurizon's rail grinding business in the year earlier period with profit declining 1 per cent on an underlying basis.
Aurizon managing director Andrew Harding said he was confident in the long-term demand for Australian coal, but China's decision to restrict imports meant new markets would have to be found. Aurizon railed 102 million tonnes of coal in Queensland and NSW in the first half compared to 106 million tonnes in the previous period.

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