AusRAIL, Market Sectors

Genesee &amp&semicolan#38&semicolan Wyoming bullish about Australia

<p>US rail-freight operator Genesee &#38 Wyoming Inc made US$208m before tax on the sale of its 50% share of Australian Railroad Group and is confident of the future of its South Australian subsidiary, Genesee &#38 Wyoming Australia.</p> <p>GWI lost more than half of that to taxes and charges to book US$123m net, its second quarter results showed.</p> <p>Net proceeds from Australian investments was US$279,614 and GWA has transported 10,744 car loads since the start of operations on June 1.</p> <p>"While multiple events complicate the reporting of our second quarter results, they reflect the successful closing of the sale of ARG, which resulted in a very large gain for the company and created significant shareholder value,&#8221 GWI chairman and chief executive Mortimer B Fuller III said. </p> <p>&#8220It leaves us with the strongest balance sheet in our history to pursue opportunities to further enhance that value. In addition, we are excited about future prospects for GWA in Australia."</p> <br />