I sold a while back. I don't think ill of AZJ: it's a well run...

I sold a while back. I don't think ill of AZJ: it's a well run company, but simply better opportunities such as YAL available.

That BHP's nickel mines (AZJ Bulk rail contract) and an Anglo-American mine in Queensland respectively are closing or have closed are no fault of AZJ but these occurrences adversely affect revenue and presumably NPAT.

With consumer demand for goods down in real terms despite significant population growth, AZJ's intermodal trains will take longer to reach breakeven. Competition from road hauliers on the Brisbane-Sydney-Melbourne route is intense, whereas major competitors for AZJ across to Perth are rail operators Pacific National and SCT, both unlisted.

Rail would be lucky to have a 10 per cent share of Melbourne-Brisbane freight but with Melbourne or Sydney to Perth, last I saw it was c.57 per cent as road transport has a huge cost disadvantage.

As always, DYOR.