Asciano posted a net profit of $A71.76 million, down 64% on the previous year. Earnings before interest, tax, depreciation and amortisation, however, rose 3.2% to $655.2 million.

“The increase in underlying EBITDA was achieved despite a very challenging environment, which saw volumes across a number of our businesses weaken during the second half,” Asciano chief executive Mark Rowsthorn said.

Subsidiary Pacific National Coal lifted revenue by 14.3% to $527.5 million.

The company said it would continue expansion plans in the Queensland coal business throughout the 2010 financial year.

The rollout of Asciano’s trains in Queensland is currently ahead of schedule, with four trains operating.

“Looking forward to 2009-10, Asciano continues to take a prudent approach and plans for a continued difficult operating environment,” Rowsthorn said.

“While there are signs that a number of our businesses have seen volumes stabilise following significant weakness during the March quarter, there remain few, if any, signs of an imminent recovery in the domestic and international economies.”