This from AFR today........Qube has warned container volumes...

This from AFR today........

Qube has warned container volumes through Patrick ports have weakened in the second half of the year as the logistics group delivered a 1.4 per cent drop in full-year net profit to $196.6 million."What we are calling out is that the market has slowed," Qube chief executive Maurice James told The Australian Financial Review.Qube managing director Maurice James. Fairfax MediaWhile Patrick's full-year volumes rose 1.9 per cent, growth was driven by a 4.4 per cent increase in the first half of 2018-19 with volumes dropping by 0.7 per cent in the second half of the year.Mr James said it was too early to forecast how container volumes would perform in over the next six months - which is traditionally the strongest half of the year for volumes as people buy imported goods ahead of Christmas. But the company has warned container market growth is expected to stay below long-term average levels.Qube has a 50 per cent stake in Patrick.RELATED QUOTESQUBQube$3.111.97%1 year1 dayAug 18Dec 18Apr 19Aug 192.502.702.903.10Updated: Aug 22, 2019 — 10.17am. Data is 20 mins delayed.View QUB related articles AdvertisementPatrick's net profits still rose to $35.6 million from $33.1 million a year, while profits in Qube's operating division - which include intermodal terminals and logistics services - increased to $187.4 million from $168.2 million a year earlier.Infrastructure and property profits, which include Qube's Moorebank freight hub development in south-western Sydney, fell to $139.9 million from $144.5 million a year earlier.Qube has been signing up more customers, included BRW Logistics and Caesarstone, to lease warehouses at Moorebank and expects to start running trains to Port Botany within weeks, Mr James said. "Moorebank is here."The company has more than half a dozen customers leasing warehouses, including retailer Target. The freight hub will eventually contain about 850,000 square metres of warehousing.Qube said it expected broadly similar economic and competitive conditions in 2019-20 with "with a continuation of the subdued trends in container, grain, vehicle and general cargo volumes." It said it would try to mitigate pressures by diversifying its business and cutting costs.Group revenues rose 3.9 per cent to $1.84 billion. Qube will pay a final dividend of 2.9¢ per share compared with 2.8¢ a year earlier.The company expects to increase underlying net profits after tax in 2019-20.