Forklift News - QR on track for strong growth phase

QR's vision is to become the leading transport and logistics company in the country.

National transport and logistics company QR is poised for growth after improving its financial and operating performance in the 2007/08 financial year.

Net profit after tax increased 6% to AUD194.5 million on revenue which grew by 11% to AUD3.5 billion in the year ended 30 June 2008.

QR chairman John Prescott says the result is sound but returns were still inadequate and require substantial improvement to reach commercially sustainable levels.

"Revenue was adversely affected by reduced production at mines in central Queensland after major flooding in the final six months of the financial year.

"Strong operating cashflows allowed QR to continue to increase its capital investment program to a record AUD1.7 billion in the last financial year and another AUD8 billion is expected to be invested over the next five years.

"At a time of unprecedented levels of capital spending, QR is committed to improving its performance to achieve satisfactory returns for the people of Queensland."

Chief executive officer Lance Hockridge says his priorities for QR in the current financial year are to dramatically improve safety, further develop commercial capability, sharpen customer focus and capitalise on growth opportunities.

"Strong improvements in these areas will genuinely position QR for long-term commercial success in a buoyant transport and logistics market which is undergoing major transformation.

"We are well positioned and very focused to meet the challenges posed by the dramatic population growth in south-east Queensland, and to seize the opportunities arising from the resources boom in Queensland and Western Australia, as well as the strong growth of the general freight market.

"A restructuring of QR into Freight, Network, Passenger and Services earlier this year is improving our customer focus, and new management appointments have provided the right mix of commercial capability and rail industry experience.

"We are reshaping and rebuilding the ‘new QR’ to fulfil our vision of becoming the leading transport and logistics company in the country."

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