Trailer Magazine

Qube posts growth despite headwinds: 1H20

  • Posted on Tuesday 25th, February 2020.

Underlying revenue for Qube was up 12.9 per cent to $970.1 million – with underlying Net Profit After Tax and Amortisation (NPATA) up 5.1 per cent to $76.3 million – according to half-year financial results.

Highlights during period, according to Qube, include: reasonable earnings growth despite economic headwinds, reflecting Qube's diversified earnings base; major contracts signed with Shell Australia and Bluescope Steel, supporting medium term growth; new Target warehouse completed, Import / Export (IMEX) terminal and rail operations commenced at Moorebank Logistics Park (MLP); commercial and legal negotiations in motion with a potential major tenant for a material part of Moorebank Precinct West; and monetisation / partnering process plan for MLP to potentially reduce future funding requirements for Qube.

Statutory earnings (NPAT) for the period were $51.7 million which was lower than the prior corresponding period’s statutory earnings and Qube’s underlying earnings for the current period.

This, according to Qube, was mainly due to the impact of the new lease accounting standard (AASB 16) which applied to Qube from 1 July 2019 and which reduced Qube’s statutory after-tax earnings in the period by around $10.3 million (but had no impact on Qube’s underlying earnings or cashflow).

“There has been a steady performance across the Qube group demonstrating again the resilience of our earnings base across our chosen markets," said Qube Managing Director, Maurice James.

"Qube was able to deliver earnings growth despite challenges in some parts of the business including declining motor vehicle and container volumes and the continued effect of the drought," he said.

(Image: Qube Managing Director, Maurice James.)

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