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Asciano boasts huge profit, tries to shortchange workers

Aug 23, 2012News

Pacific National parent company, Asciano, has posted a huge jump in earnings, with full-year results showing an almost 43 per cent increase in net profit.

Revenue for the company’s rail division rose 14.6 per cent to $1.3billion.

The announcement of the big profit margin comes as the company continues to play hardball over negotiations for a new Enterprise Agreement for workers. Negotiations have been ongoing since the start of the year.

Loco Division Secretary, Bob Hayden, said that with such large profits, fundamentally gained off the back of its workforce, it beggars belief that the company has continued to try to drive our wage claim down during negotiations.

“Even in a message to workers from CEO John Mullen, he directly credits workers with delivering the strong financial result for the company. Then they turn around in negotiations and try to cut workers out of decent and fair pay increase,” Bob Hayden said. “It’s a funny way of showing that you genuinely appreciate the work your employees are doing to keep the company running.”

“Negotiations with PN certainly haven’t been easy, but we’re getting there.

“It’s a shame that while management are rubbing their hands together watching the money roll in, that they insist of playing hardball on wages and conditions, but we’re very confident we’ll end up with a good deal for the workforce.”

“Recent depot tours around the state only confirmed that members wanted a decent and fair wage outcome and this latest profit results will only harden the resolve of members to achieve a fare and reasonable wage/EA outcome.”

An update on the most recent negotiations with the company can be seen here.

You can read the Australian’s article about the profit announcement here*

*paywall protected