Qube has forecast continued earnings growth in its logistics business despite rising inflation and a slowdown in container port volumes after delivering 39 per cent jump in net profit to $127.5 million.
The company’s income was boosted by a 16 per cent rise in revenues to $2.5 billion, fair value gains andQube CEO Paul Digney says the company’s diversification has helped it weather the COVID-19 pandemic.Qube also took a $15 million hit to earnings from port congestion, the lockdowns in China and extreme weather, including the east coast’s heavy rainfall and floods.
Qube’s logistics and infrastructure business delivered a 37 per cent rise in earnings before interest and taxation to $145.6 million, while its ports and bulk operations lifted EBIT by almost 6 per cent to $137.2 million. The Moorebank assets were classified as discontinued operations, which means that the costs associated with the sale have not been included in the company’s underlying results.
Qube’s 50 per cent stake in Patrick ports contributed some $40 million in profits, up from $27.7 million on a year earlier despite a decline in volumes. The company said increases inPatrick’s volumes were about 2 per cent down on a year earlier compared with overall market growth of 0.5 per cent.
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