QR National Limited (ASX:QRN) has reported a fall in its first half net profit, largely attributing the drop to financial items arising from its privatisation.
In the last half of 2011 the Queensland-based coal hauler’s net profit dropped 32 per cent to $189 million.
In the same period revenue rose 1 per cent and underlying earnings before interest and tax rose 11 per cent.
CEO and Managing Director Lance Hockridge says this is a quality result in challenging circumstances.
QR National says its full year guidance for EBIT and tonnages remains unchanged however, coal tonnages are likely to be at the low end of the 200 to 210 million tonnes range. Full year earnings guidance has been maintained at $578 million.
An unfranked interim dividend of 3.7 cents per share has been declared.