The privately owned rail giant, hauling everything from home goods to coal, saw a dip in earnings in the past year.
“I sense Australia is on the verge of a rail renaissance – a period whereby both the private and public sectors will work more closely together to deliver deep and long-lasting reforms in our sector,” she said on Tuesday.
The company suffered a dip in underlying earnings in the 12 months to June 30, according to accounts obtained by. An 80 per cent jump in fuel and power costs chewed into earnings while floods disrupted logistics, the accounts indicate. Some factors the company cited included floods disrupting services of freighted goods. The wild weather also squeezed the amount of coal, which it also transports, produced by mines, while some mine-specific problems also hit supply.
The accounts for Pacific National’s head entity, Australian Logistics Acquisition Holdings, said underlying earnings before interest, tax, depreciation and amortisation fell to $713.8 million in the 12 months from $817.9 million. Its statutory result, including impairments, improved from a loss of $783 million to a loss of $95 million.
He said inflationary pressures were still coming through in fuel and wages. “We pull as many levers as we can, it’s a combination of increasing our revenue quality and making our cost base more efficient,” he said.
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