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Business by Glen Norris Premium Content Subscriber only 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. ....
Aurizon Expands Horizons Feb 16 2021 Coal volumes and the stoush with China hold few concerns for Aurizon Holdings, which is expanding its presence in bulk ports -Bulk earnings continue to surprise to the upside -Coal volumes being managed with diversion to India -Record interim dividend, robust dividend yield
By Eva Brocklehurst Aurizon Holdings ((AZJ)) is moving up the supply chain via port services as coal contracted volumes continue to decline. While coal exports are expected to be well-managed over the short term, heightened environmental concerns are likely to have a longer impact. Coal volumes were -4% lower in the first half, which exposes the fixed cost leverage in this division where earnings (EBIT) were down -17%. UBS points out that FY21 forecasts have declined by less than -10% over the past 12 months and a significant amount of the decline will be recovered in a couple of years under the revenue cap provisions. ....