QR National first half results

However, the drop reportedly reflects the fact that the company did not receive a large tax credit as it did in the same corresponding period last year from its privatisation.

In what it says was a “quality result in a challenging environment”, QR National’s underlying performance saw an increase of 1.4% in revenue to $1.715bn and an 11% increase in earnings before interest and tax (EBIT) from $226m to $251m.

The company’s coal volumes were 97.5 million tonnes, down 2% compared to the corresponding period last year, however QR National said it was “on track” to deliver 30 million tonnes per annum (mtpa) of iron ore in 2014 and the capacity of its Central Queensland Coal Network was set to increase to 300mpta by 2015.

QR National chief executive Lance Hockridge reportedly described the result as “solid”, despite the effects of the Queensland floods on coal output from mines and haulage volumes.

“It has been a tough environment [But apart from the bottom line result] all of our numbers are moving in the right direction,” The Australian reported Hockridge as saying.

QR National’s “bottom-line result” reportedly exceeded analysts’ expectations of $175m for the six months to the end of December.