This was a useful 11 minutes.It was essential to listen...

This was a useful 11 minutes.

It was essential to listen carefully to the CEO. His diction isn't overly clear but the transcript in no way reflected what he said: 'Visy' came out by the automatic transcript as 'dizzy' and it could never correctly transcribe words such as 'rail' and 'rural'.

Key points were that the lossmaking Lindsay Fresh division has got over the floods and by June 2022 should be back to normality (by which it was implied it could be profitable again).

Lindsay expects to handle 1000 containers of citrus this season.

It should have 400 refrigerated ('reefer') rail containers soon, but is aiming for 500 to 600. Discussions are underway with rail operator Pacific National to obtain additional rail slots (i.e. container spaces on rail wagons). Paul Scurrah of PN has mentioned it's looking at introducing additional intermodal frequencies.

Mr Lindsay (CEO) further said that 3Q was normally its weakest but this year's has been the best since LAU became publicly listed.

It would like to expand further into railable dry containers (i.e. to carry anything that doesn't require cooling or chilling).

Import/export volumes are increasing (off a low COVID-19 base though) and the resumption of passenger flights (giving air cargo availability on not just freighters) is helpful.

The company will be purchasing new higher capacity road trailers for its B-Double articulateds.

The CEO gave the impression that LAU was almost struggling to meet demand.

Overall it was a pleasing mini update. Let's see what it means in reality when the Annual Report is issued in September 2022.