News: Asciano cuts CAPEX

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Asciano Limited (ASX:AIO) has lowered its capital expenditure guidance for the next two years, amid tougher economic conditions.

 

In a presentation to a Sydney conference, Asicano announced it has revised down its capital expenditure guidance for fiscal 2013 from $700 to $800 million, to $575 - $625 million.

 

The group also lowered its capital expenditure guidance for fiscal 2014 from $800 to $900 million, to between $700 and $800 million.

 

Despite the downward revisions, Asciano expects to report higher revenue and earnings before income and tax (EBIT) for the second half of fiscal 2013.

 

Asciano generated a net profit of nearly $200 million for the first half of the current financial year.