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Rail giant Aurizon cops $188m loss after Cyclone Debbie

Aurizon has posted a full-year loss of $188 million on the back of a huge hit from asset impairments and redundancy-related costs.
Aurizon has posted a full-year loss of $188 million on the back of a huge hit from asset impairments and redundancy-related costs.

RAIL giant Aurizon will offload its general freight business, including a Brisbane terminal, after announcing a $188 million loss for the past year.

The Brisbane-based company yesterday said continuing losses at its intermodal freight business and the impact of Cyclone Debbie on its coal network had hit its bottom line.

Revenue had flat-lined at $3.45 billion for the year after a shutdown of the Queensland coal network in Queensland following Cyclone Debbie.

Aurizon chief executive Andrew Harding said the Queensland intermodal business would be purchased by a consortium of Linfox and Pacific National for about $220 million after racking up losses over several years.

More at The Courier-Mail

Topics:  aurizon mining queensland

News Corp Australia

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