Australian transport group Toll Holdings Ltd posted a 68 per cent rise in full-year profit yesterday after strong trading and major acquisitions drove up revenues, and tipped a strong current year.
Driving growth: Toll's big acquisitions last year included Australia's biggest ports operator Patrick Corp (A$6.2b) and Singapore's SembCorp Logistics (US$865m)
Toll, which this year spun-off its infrastructure and ports assets, said its outlook was very strong and it expected to capture further growth opportunities in Asia.
Toll pulled off a string of big deals last year, buying Australia's biggest ports operator Patrick Corp for A$6.2 billion (S$7.6 billion) and Singapore's SembCorp Logistics for US$865 million.
'With the restructure behind us and a number of important initiatives already put in place, strong organic growth is expected to continue and we are progressing well in reviewing opportunities for further acquisition growth,' chief executive Paul Little said in a statement.
Toll said comparable net profit before one-offs rose to A$408 million from A$243 million a year ago. Profit from continuing businesses rose 61 per cent to A$264 million.
Analysts had looked for a net profit of A$428 million, according to the mean of 9 forecasts on Reuters Estimates.
Mr Little also reiterated Toll's interest in the world's biggest pallet leasing company Brambles, in which its ports spin-off Asciano Group has built up a 3.79 per cent stake.
'There has been a lot of noise around Brambles recently and the Toll board remain enthusiastic about the opportunity it presents for Toll. We are probably going about the opportunity a little differently than perhaps others may do,' he told reporters.
Toll has said it is not working with Asciano on a bid for Brambles, but has not ruled out working with Brambles on new opportunities. Toll owns a 62.3 per cent stake in Australia's second-largest airline Virgin Blue.
Toll shares closed yesterday up 0.67 per cent at A$13.60 in an overall market up about 0.31 per cent.
Driving growth: Toll's big acquisitions last year included Australia's biggest ports operator Patrick Corp (A$6.2b) and Singapore's SembCorp Logistics (US$865m)
Toll, which this year spun-off its infrastructure and ports assets, said its outlook was very strong and it expected to capture further growth opportunities in Asia.
Toll pulled off a string of big deals last year, buying Australia's biggest ports operator Patrick Corp for A$6.2 billion (S$7.6 billion) and Singapore's SembCorp Logistics for US$865 million.
'With the restructure behind us and a number of important initiatives already put in place, strong organic growth is expected to continue and we are progressing well in reviewing opportunities for further acquisition growth,' chief executive Paul Little said in a statement.
Toll said comparable net profit before one-offs rose to A$408 million from A$243 million a year ago. Profit from continuing businesses rose 61 per cent to A$264 million.
Analysts had looked for a net profit of A$428 million, according to the mean of 9 forecasts on Reuters Estimates.
Mr Little also reiterated Toll's interest in the world's biggest pallet leasing company Brambles, in which its ports spin-off Asciano Group has built up a 3.79 per cent stake.
'There has been a lot of noise around Brambles recently and the Toll board remain enthusiastic about the opportunity it presents for Toll. We are probably going about the opportunity a little differently than perhaps others may do,' he told reporters.
Toll has said it is not working with Asciano on a bid for Brambles, but has not ruled out working with Brambles on new opportunities. Toll owns a 62.3 per cent stake in Australia's second-largest airline Virgin Blue.
Toll shares closed yesterday up 0.67 per cent at A$13.60 in an overall market up about 0.31 per cent.