Dalrymple Bay Infrastructure’s interim profits slid 94pc due to a poor comparison with a year earlier, when profits were boosted by the reversal of transaction costs associated with its 2020 float.
DBI’s shares have never traded above their float price, closing on Friday at $2.14 per share.
DBI, which handles about one-third of Queensland’s coal exports, also had higher handling and finance costs in the first half. The company said finance expenses rose due to movements in hedge valuations and repaying debt fair valued at the time of the IPO. Exports to India dropped 45 per cent as the subcontinent switched some of its purchases to Russia, while exports to China continue to be hurt by trade sanctions.
“We remain in discussion with our customers on the new pricing agreements under the light-handed regulatory framework and will update the market as appropriate,” Mr Timbrell said.