Patrick unveils fall in profits to shareholders on airline

<p>As expected, Patrick Corp has unveiled a profit to shareholders for the year to September 2005 down 3% to $182m.</p> <p>After tax, profits were up 6% to $201m, and earnings before interest and tax on controlled businesses was up 48% to $230m. </p> <p>The company will be paying an ordinary dividend of 8 cents a share with a special dividend of 24 cents flowing from Virgin Blue. </p> <p>The earnings of the ports group were up 10% and rail operations were up 24%, with Virgin Blue now said to be "performing well". </p> <p>However, profit from associates was overall down 30% on the performance of Virgin Blue during the year. </p> <p>The company’s target statement on the Toll bid forecast that the ports business profits would grow by 25% over the 2006 and 2007 years on the back of major capital investment. </p> <p>Patrick has a debt-to-debt plus total equity ratio of 26%, up from 12% in 2004, with an interest cover multiple of 10, against 14 times in 2004. </p> <p>The company has responded to charges from Toll of a $700m cash shortfall by pointing out it has substantial borrowing facilities. </p> <br />