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Pacific National results ‘ahead of plan’

<p>Rail operator Pacific National has pleased its masters by posting an after-tax profit of $25.8m for the six months to December 2002.</p> <p>A statement from the company’s owners, Toll Holdings and Patrick Corporation, said the results are "ahead of plan" and the business is now "well positioned to pursue growth opportunities.</p> <p>The result is based on revenues of $547m and earnings before interest and tax of $54.9m.</p> <p>"Volumes across the operations were ahead of plan particularly in relation to the coal and industrial businesses," the shareholders stated.</p> <p>"Although the drought has resulted in reduced grain volumes, restructuring and cost initiatives are well advanced, thereby minimising the current and future earnings impact."</p> <br />