Qube posts 7% first-half net profit gain to $145m
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The news: Logistics service provider Qube reported first-half statutory net profit of $144.7 million, up 6.9% year on year after delivering revenue growth in its operating division and contributions from several recent acquisitions.
The numbers: Analysts were expecting a half-year profit of $152.6 million, according to Visible Alpha data.
Underlying revenue came in at $2.36 billion, up 12.6% from a year prior and higher than consensus estimates of $2.29 billion.
The company declared a fully franked interim dividend of 5.35 cents, compared to 4.10 cents a year ago and ahead of estimates of 4.9 cents.
The context: The profit figure was supported by contributions from recent acquisitions such as AAT Webb Dock West (formerly MIRRAT), Coleman and the ABH bulk handling facility in Western Australia, and Nexus Logistics in New Zealand.
On 16 February, Qube confirmed that it had entered a scheme of implementation deed to be wholly acquired by a Macquarie Asset Management-led consortium for an enterprise valuation of $11.7 billion.
What they said: “Qube again delivered revenue and earnings growth in the period, underpinned by our porven ability to deliver reliable, valuable and efficient logistics services for a diversified customer base,” Qube managing director Paul Digney said.
The source: ASX
