Toll reports continued growth, pursues Asia expansion
The group's interim profit was up 10.1% compared to the A$104.7 reported in the same period in 2004. On announcing the result, Toll managing director, Paul Little, said, "The underlying strength in the core business is very evident as is the continued momentum in the company. "We have again delivered excellent organic growth at the revenue, EBIT and operating cashflow levels, as well as investing in capacity through new infrastructure, fleet and technology." Revenue in the period - excluding Toll's Pacific National rail freight subsidiary - totaled $2.1 billion, up 9.1% over the previous period. Toll said the increase reflected the group's continued organic growth strategy, together with increasing exposure to the buoyant resource sector. Looking ahead to 2006, Mr Little said the firm's organic growth and acquisition growth opportunities remain promising platforms from which to continue to produce positive results. The Melbourne-based company said it plans "aggressively" to grow its capability in the Asian region and will fight to resuscitate a stalled A$4.6 billion bid for the ports operator Patrick Corporation.