flee circus, page-2

And here is the rest of it, which is not so negative.



Earnings before interest, tax, depreciation and amortisation (EBITDA) before significant items was $724 million, fully in line with analyst forecasts for around $723 million.

The results were impacted by pre-tax impairment charges of $1.14 billion, announced in May.

Earnings before interest and tax (EBIT), and before significant items, rose 15 per cent to $439.56 million, Asciano said in its full-year financial accounts, thanks to a strong contribution from its coal haulage operations and a focus on cost management and productivity.

Asciano said the company expected earnings growth in the 2011 financial and are comfortable with market EBIT consensus at this point in time.

The outlook for the year ahead remains positive, the company said.

We expect continued growth from the resources and bulk commodity sectors but remain cautious on the economic recovery in industrial and consumer markets.

Asciano chief executive and managing director Mark Rowsthorn said he was pleased with the results.

Asciano Group comprises Asciano and Asciano Finance Trust.

Asciano said it would restructure the business, moving from four divisions to three.

The new structure would comprise Patrick Ports, Pacific National Rail and Pacific National Coal.

Mr Rowsthorn said the current structure, which had been in place for two years, was extremely effective to drive out costs and deliver efficiencies.

The next stage is to create synergies by integrating these enhanced businesses, Mr Rowsthorn said.

The coal business will remain a standalone business to ensure there is continued focus on the significant growth opportunities in this area.

We expect that the simplified structure will also create improved clarity and understanding of our businesses.

The company announced in June it would not pay a final distribution for 2009/10.