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Aurizon posts huge profit; expects more cost cutting

Aug 17, 2015News

Aurizon has posted a 139 per cent increase in its full-year profit, taking its net profit to $604 million.

The over doubling in profit (up from $253 million last year) comes after a year which saw a $317 million asset value write down and $69 million in voluntary redundancy costs.

But the company Chief Executive, Lance Hockeridge, says he wants to find even more savings – and, worryingly, he’s looking to the next enterprise agreement to do that.

“The catalyst for the next phase of transformation in the company is new enterprise agreements covering employees in Queensland, which will provide us with productivity enhancements, operational flexibility and cost reductions,” he told the ABC recently.

Aurizon’s relationship with its employees has been very strained in recent times, with the redundancy process and the move to rip up the 12 enterprise agreements it had with members. If the Chief Executive’s quotes are anything to go by things it looks as though we’re going to have to continue to fight to protect our wages and conditions.