Rail and ports operator Asciano has reported its first half-year profit since listing nearly three years ago, slightly ahead of forecasts, as cargo volumes picked up.
It said this morning it now expects full-year earnings before interest, tax, depreciation and amortisation (EBITDA) to be at the top end of its previous forecast of $675 million to $700 million, but that is below analysts' forecasts for $716 million.
"Asciano continues to be impacted by the unprecedented volatility in global equity and credit markets," it said.
The company's shares jumped 3.7 per cent to $1.835 in early trade.
Net profit rose to $79.1 million Australian dollars for the six months to December from a net loss of $93.4 million a year earlier. Analysts on average had expected a net profit of $64 million.
Asciano secured investment grade ratings from Standard & Poor's and Moody's this week on its debt, a crucial win for the company which is looking for ways to refinance $2.25 billion in debt by 2012.
While markets were likely to remain unsettled for some time, the group was in a position to deliver growth and value to securityholders in the medium to long term.
‘‘The prospects of a recovery in volumes for our non-bulk businesses will be supplemented by continued growth in our coal business, assuming a level playing field for competition,’’ chief executive and managing director Mark Rowsthorn said in a statement.
He said Asciano saw positive trends in volumes during the December quarter, giving the group confidence that the worst of the recent global economic downturn is behind it.
‘‘Whilst we may see some slowing of momentum in the coming months following the inventory rebuilding that occurred during the December quarter, the medium-term outlook for our business is more positive today than it has been for the past 18 months,’’ he said.
Reuters, AAP
