Aurizon’s full-year profit down 88%

Aurizon has forecast flat rail haulage volumes and pledged deeper cost cutting after reporting an 88 per cent drop in full year net profit to $72 million, according to reports in the Australian Financial Review.

Aurizon is reviewing its intermodal and bulk freight business and chief executive Lance Hockridge said he has not ruled out selling all or part of the freight business, telling the AFR, “There’s nothing that’s off the table.”

Mr Hockridge also said the company was “in loss-making mode” on freight and attributed most of the drop in freight revenues to losing a Queensland government freight transport contract.

Read more in the AFR here (behind a paywall) or on Sky News here.