Aurizon advises $836M unaudited EBIT & transformation costs

Company News

by Roma Christian

Aurizon Holdings Limited (ASX:AZJ) has advised an unaudited FY2017 EBIT of $836 million, which is line with estimates provided in April 2017.

The company has undertaken a review on its assets carrying value, and has recognised non-cash impairments of $526 million relating to its Bulk business.

The retail freight company has advised full year transformation costs will exceed $100 million. It includes the phased closure of Rockhampton heavy maintenance workshop and re-shaping its traincrew operations in Queensland.

The company says while underperformance of its Bulk business is disappointing, it has implemented a new organisational structure with absolute accountability for cost, revenue and standalone business unit profitability.

Shares in Aurizon Holdings Limited (ASX:AZJ) last traded 0.59 per cent lower to $5.05.

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