Patrick parent profits up
The parent company of Patrick stevedoring company, Asciano, has reported a net profit after tax of A$145.2m (US$153.8m) for the 2010-11 financial year, but blamed “significant industrial relations activity” in the ports division for putting a dampener on its overall performance.
The company said revenue from the terminals business was down 2.2%, reflecting a 4.5% decline in teu over the period.
This was also partly due to the loss of customer contracts, changes to shipping consortia and soft market volumes. However its ports and stevedoring revenue increased 13% reflecting growth in steel, fertiliser and iron ore.
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