A solid to very good result in trying COVID-19 circumstances.
EBITA margins declined.
The excellent grains harvest in NSW in particular helped, and there are good signs for the winter 2021 crops in NSW, Victoria and WA, although we'll know the truth of that by about December 2021.
The increase in container volumes is benefiting the 50 per cent owned Patrick's port operations, although industrial action by CFMMEU/MUA is always a worry. Greedy militant unionists!
Victoria was an underperformer and WA was good, although market share at the Port of Fremantle declined. Balancing that was a rise in market share at the Port of Melbourne (still Australia's largest for container handling) and Fisherman's Island in brisbane, though QUB's share at Botany Bay dropped. Completion of efficient single handling rail access at the latter was beneficial.
The dividend has increased and the Moorebank logistics precinct deal with LOGOS seems to be proceeding well. That the Board can allocate at its discretion some of the proceeds to debt reduction as well as 'accretive' acquisitions is pleasing.
The outlook is positive but as always, QUB is highly subject to economic conditions.
QUB Price at posting:
$3.05 Sentiment: Hold Disclosure: Held
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