Aurizon today reported Group EBITDA of $814 million for the half year ended 31 December 2024. This is down 4% against the prior comparable period (1HFY2024 of $847 million) primarily due to:
- Network EBITDA increased $9 million to $495 million in 1HFY2025, driven by an uplift in the Maximum Allowable Revenue, partly offset by a reduction in external construction works and higher maintenance costs
- Coal EBITDA decreased $19 million to $264 million with coal volumes up 6% and contract rate indexation more than offset by the impact of customer mix (lower yield) and higher operating costs
- Bulk EBITDA decreased $28 million to $84 million with new contract growth (including Northern Iron and Gold Valley) more than offset by lower grain railings, the cessation of a rail maintenance contract, a derailment in Western Australia in addition to an increase in doubtful debt provisions.
The Aurizon Board has declared an interim dividend payment of 9.2 cents per share, 60% franked, which is 80% of Underlying Net Profit After Tax. The dividend will be paid on 26 March 2025 to shareholders on the register at the record date of 4 March 2025.
The full ASX release is available from the Aurizon website.
Bulk revenue is considerable down with grain collapsing. Why?