The haulage demands also kept Queensland Rail’s profits healthy in the face of major increases in energy and fuel costs, which jumped 20.6%, or $19.1 million, over the year.
QR’s profit before tax was $287.4 million.
Following the tabling of QR's annual report in State Parliament on Friday, Queensland’s Transport Minister Paul Lucas said the positive outlook for the coal industry had encouraged QR to embark on a vigorous infrastructure investment program.
“Over the year QR spent $649 million on capital works, $178 million more than the year before, and much of that expenditure was directed to the coal network in Central Queensland,” Lucas said.
He said the state’s coal market was expected to grow by 30% over the next five years.
"QR's investment on the coal haulage side of its operations, including rollingstock, has now reached a massive $920 million," he said.
To prepare for the onset of competition on the state's rail network, QR restructured its freight business during the year so it could expand its share of the national rail and land transport market, and combined its coal, bulk, and containerised services into the one operation, QRNational.
QRNational hauls export coal from the Hunter Valley in New South Wales to the Port of Newcastle, and has launched six container services a week from Melbourne to Brisbane, accounting for about 20% of total rail capacity on the corridor.
