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Asciano Limited (ASX:AIO) subsidiary Pacific National Rail has signed a 13-year rail haulage agreement to take over Toll Holdings Limited (ASX:TOL) North Queensland rail service from February 1.
Toll says Pacific National will acquire five of its Queensland rail terminals for $71 million at Cairns, Townsville, Mackay, Rockhampton and Brisbane, including associated plant and equipment.
Asciano chief executive officer and managing director John Mullen says while the intermodal business remains difficult due to soft domestic economic conditions, the company is optimistic about its longer-term growth potential.
Asciano maintained its 2014 full-year guidance but says it expects Pacific National Rail to report earnings before interest and tax of around five per cent lower than the previous corresponding period due to tough market conditions.
Asciano generated a net profit of $342.3 million in fiscal 2013.
