Australian Railroad Group in ‘promising position’

<p>New business opportunities and the resolution of tax and access issues have placed the Australian Railroad Group (ARG) in an "extremely promising" position, according to one of the group’s joint owners, Genesee &#38 Wyoming Inc.</p> <p>Genesee &#38 Wyoming reports that third-quarter revenue for ARG has increased 13.3% to US$61.7m, compared with the same quarter last year.</p> <p>The performance and future prospects of ARG have drawn strong praise from Genesee &#38 Wyoming chairman and CEO Mortimer B Fuller III.</p> <p>"Recent developments in Australia have been extremely promising," Mr Fuller said.</p> <p>These are:</p> <p>&#8226 ARG and the Australian Taxation Office reaching agreement on tax classification asset depreciation</p> <p>&#8226 Western Australia’s rail regulator reaching a final decision its access charge formula</p> <p>&#8226 Two, as yet unnamed, new customers for iron ore and agricultural products that will add US$17.2m in annual revenues through to 2004.</p> <p>ARG expects to start shipments for part of this new business in December 2003, Genesee &#38 Wyoming said.</p> <p>"In contrast with last year’s severe drought, our outlook for 2004 grain shipments is strong due to the high harvest levels projected for Western and South Australia," Mr Fuller said.</p> <p>Genesee &#38 Wyoming, and Wesfarmers own ARG in a 50&#4750 joint venture. </p> <br />