News: Toll to cut costs

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Toll Holdings Limited (ASX:TOL) says it is yet to experience a noticeable improvement in economic conditions despite a lift in business confidence in the wake of the federal election.

 

The transport and logistics company told shareholders that it expects underlying pre-tax earnings this financial year to be higher than in 2012-13 due to its focus on lowering costs and improving productivity.

 

It posted a 4 per cent rise in earnings before interest and tax to $426 million last financial year.

 

The company emphasised that the next few months will be critical to its full-year-result.

 

Toll chief executive Brian Kruger says its businesses exposed to the mining sector were under pressure from lower volumes and customers focused on lowering their own costs.

 

Toll generated a net profit of $92 million in fiscal 2013.