The full year earnings of freight giant Aurizon will be hit with another $606 million worth of impairments and restructuring costs, with the company’s struggling intermodal and bulk transport division continuing to drag on earnings.
Aurizon said on Wednesday evening that the company would post underlying earnings before interest and tax of $836 million for the 2016-17 year, in line with the company’s guidance of EBIT of $800 million to $850 million.
But “continued challenging market conditions” and the deteriorating performance of the company’s bulks and intermodel businesses which carry containerised goods, bulk freight and pallets across the country will see Aurizon take non-cash impairments of $526 million on its full year earnin…
Read the full article at: http://www.afr.com/business/transport/aurizon-hit-by-impairments-on-struggling-bulk-freight-business-20170726-gxjdf3