Asciano (AIO) advises that its businesses are being impacted by the ongoing severe weather conditions. In particular, the extreme rainfall across Queensland continues to affect coal rail network availability and has resulted in significant speed restrictions.
The Blackwater coal system remains closed and the Goonyella coal system continues to operate well below capacity. As a direct result of the current weather conditions a number of Pacific National’s customers have also issued force majeure notices
NSW coal haulage volumes are being impacted by coal chain congestion and the restricted availability of coal. In particular, weather related issues in the Gunnedah Basin and the Ulan network will likely reduce the average haul length anticipated in NSW during the fiscal year.
Consequently the forecasted growth in revenues for the Pacific National coal division will be affected, however, until the severe weather conditions subside it is not possible to make a full assessment of both the business and financial implications.
Asciano will continue to monitor the conditions in Queensland and NSW and will provide further updates as impacts become clearer. Further clarity on expectations for the full year will also be provided at the Half Year Results presentation on 23 February 2011.
Commenting on the floods in Queensland, Managing Director and Chief Executive Officer
Mark Rowsthorn said; “Our thoughts go out to all those tragically impacted by the severe weather conditions in Queensland. We will be doing everything possible to assist employees who are affected by these terrible events”.
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