Aurizon Reports Solid First-Half Despite Chinese Shenanigans

Narrow-moat-rated Aurizon's reported first-half fiscal 2021 underlying EBIT of AUD 454 million and underlying NPAT of AUD 267 million. The result was flat on the previous corresponding period as recovery of historical Wiggins Island Rail Project, or WIRP, fees and a stronger bulk haulage performance offset lower coal haulage volumes, which were impacted by China rejecting shipments of Australian coal. Management upgraded full-year EBIT guidance by 4% to AUD 870 to 910 million and we upgrade our forecast similarly to AUD 898 million.