Ann: Full year results presentation, page-2

Overall a pleasing result, despite 'Mr Market' sending the shares down A$0.18 to A$3.44 by 1002 AEST, with coal volumes slightly increasing and a good result in WACC.

The number of TEUs (6.1 metre container 'equivalent') carried by rail increased to 159,000 in FY 24, up 64 per cent.

AZJ however lost $63 million on this volume-sensitive business that is heavily dependent on the state of the economy. With union-favouring Albanese and Chalmers in charge, don't expect this to quickly improve!

MIN's forthcoming cessation of some operations in Western Australia isn't helpful to AZJ's performance in WA Bulk as it calls that operational segment, but that can't be helped. Generally AZJ seems to be winning slightly more contracts than it's losing or seeing end.

As a YAL sharehoilder, interesting to see that AZJ has a further 10-year agreement commencing in July 2024.

I didn't know AZJ had commenced small-scale trials of hauling imported motor vehicles by rail from Darwin. While it'd be best to find out from shipper lines what they thought of this, there are many delays at Australia's east coast ports of Melbourne, Sydney and Brisbane so perhaps car carrier ships may operate more efficiently if one or two were to call at Darwin only, reducing turnaround times on ex-Asia voyages.