PN pockets $55.9m but fears for intermodal capacity

<p>Pacific National has collected a $55.9m after-tax profit for the six months to the end of last year.</p> <p>Both coal and intermodal operations revenues grew during this period but the Toll Holdings and Patrick Corporation joint-owned venture said that a lack of capacity in rollingstock, freight terminals and track infrastructure had affected the intermodal business.</p> <p>The period also included a $70m revenue contribution from the Freight Australia business that it acquired in September 2004.</p> <p>"The Freight Australia acquisition integration is proceeding in line with operational plans and restructuring of above and below rail operations has progressed well," Pacific National’s shareholders reported.</p> <p>"Grain freight volumes however are currently depressed due to lower than expected harvest and poor weather conditions." </p> <p>New South Wales grain volumes for the group have improved compared to the previous period but Victorian volumes were below expectations.</p> <p>The shareholders warned that the ability to service the "strong demand for national intermodal services" in the long-term would require "significant improvement in rail track infrastructure".</p> <br />