Ann: Half Yearly Report and Accounts, page-3

LAU foreshadowed that this would be a pleasing report.

Overall, it's good, with the increased emphasis on using rail operator Pacific National to haul LAU refrigerated (and some dry?) containers on the interstate standard gauge rail network a standout, as LAU transport division revenues were flat and NPAT in that area would have dropped (lower import and export activity) were it not for rail. As it turned out, NPAT in this division increased 12.8 per cent.

On videos, there is an increasing number of attractively liveried LAU 'reefers' on board PN trains from Brisbane to Sydney, down to Melbourne and Melbourne to Perth, plus perhaps Sydney or Parkes to Perth. On one train I even saw 10, but mostly there's two to five where LAU has secured container slots on the wagons. Linfox and Rand (both private companies) still appear to have many more.

EPS rose from 1.9 cents to 2.2 cents, and the interim dividend is to rise 20 per cent from one to 1.2 cents. Pleasing.

On my quick read, there is no mention in the half yearly accounts regarding the ongoing court case against three LAU subsidiary companies that is due for its third hearing at Coffs Harbour, NSW's Local Court on 14 May 2021. Barristers and solicitors are expensive, and if the company(ies) is/are (heaven forbid) convicted, penalties could be high, although its excellent safety record would as I've said before be likely to be strong mitigation. I'm not an accountant but idly wonder if there should be a provision in the accounts (although the counter argument is that some would misinterpret this as an 'admission of guilt.'

COVID-19 must still be costing the company extra in measures like sanitation.

In theory one would suspect that the good rainfalls enjoyed by much of the east coast must be a net positive for LAU given it hauls a lot of fresh produce to market.