AusRAIL, Market Sectors

Patrick set to reveal 2005 results and forecast bounce

<p>Patrick Corp is due to report its full year results tomorrow (Thursday, November 16) after earlier revealing an expected drop in after-tax profits to shareholders of 4%, to $182m, in last month’s target statement response to Toll. </p> <p>However, the forecast result is $12m better than expected in the profit warning issued by the company in August as a result of Virgin Blue’s performance. </p> <p>The target statement expected earnings for the ports group before interest, tax, and amortisation (ebita) to be up 10% to $141m on rising shipping volumes in the year. </p> <p>The target statement forecast that the 2006 total after tax result will be up 22% to $221m, pushed by a 25% increase in ebita for the ports group to $172m as terminal upgrades and the end of the Mifco levy start to kick in.</p> <p>In 2007, Patrick’s statement said that total after-tax earnings will rise by 33% to $294m, with another ebita increase for the ports group of 23% to $213m. </p> <br />