Wednesday 19 February 2014

Some recent news for Asciano

The columns full of numbers in a financial report don't necessarily give you an appreciation of what's happening in the daily life of the business.

Port and rail operator Asciano will cut dozens of jobs after upgrading profit targets due to growth in its Pacific National Coal division.
The Australian 

Asciano will be forced to push back the completion date of its Port Botany project in NSW after crucial automation equipment was damaged.
The Australian

 Asciano’s 2013 statutory net profit has fallen by $5.6 million after it restated earnings to comply with new accounting standards on employee benefits.
SMH

Australian rail and port operator Asciano Ltd. (AIO.AU) said profit dipped in its fiscal first half due to extra costs in the redevelopment of a major port in Sydney, and as weak domestic growth weighed on some of its divisions. 

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3 comments:

  1. Unknown1 March 2014 at 21:44

    Hi Ben, you have posted some useful information and articles here.

    I find it astounding that Asciano's profit fell by such a substantial amount by complying with the new accounting standards.

    Although my company is within the gaming industry, the information you have provided is useful in any business.

    Thank you and keep up the good work!

    Feel free to check out my blog:

    http://erikaiguerrini.blogspot.com.au/

    ReplyDelete
  2. Unknown3 March 2014 at 02:24

    Hi Erikai, 5.6 million is a lot to lose in one hit isn't it?

    I am just starting to read chapter 4 which deals with restated financial reports so I don't know much about it yet, but, I wouldn't be surprised if it's not money they really lost.
    I would guess it's money they had accounted for but did not report previously as a liability, but with changes to the reporting rules they must now show it on the balance sheet and thus re-adjust their profits accordingly.

    I wonder how many other companies had to do the same thing when the rules changed?
    And to be honest they probably would not bat an eyelid at losing 5.6 million off 340. :)

    ReplyDelete
    Replies
    1. Unknown4 March 2014 at 00:50

      It sounds like you may have hit the nail on the head with this one.

      It makes you think doesn't it?

      That's right, I'm in the wrong industry I think! 5.6 million to them is about 5 cents to me, lol.

      Delete

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