Mike King | Aug 25, 2011 10:14AM EDT
Toll Group’s net profit in the fiscal year June 30 rose 1 percent year-over-year to $281 million, as the Australia-based logistics firm was hurt by an economic slowdown in its home country, particularly in the automobile sector.
The company, which has been expanding its global footprint through aggressive acquisitions in recent years, saw revenue jump 18 percent to $8.6 billion over the same period.
“This is a very credible result for Toll in what has been a very challenging global economic environment,” said Managing Director Paul Little. “This has been exacerbated by a number of tragic natural disasters.”
Little, who will retire and be replaced by current CFO Brian Kruger on Jan 1, said Toll Global Resources’ second half earnings were further depressed by Japanese subsidiary Footwork Express’s small loss.
Toll Global Logistics’s EBITDA fell 8.3 percent to $90.5 million in the financial year, while Toll Global Forwarding increased its EBITDA margin from 1.8 percent to 1.4 percent and continues to complete acquisitions.
Global forwarding volumes increased through post global financial crisis restocking in the first quarter, but eased during its second and third quarters, Toll Global said.
“The outlook is challenging to predict, although generally we would say that conditions look to have stabilized, at least for Toll,” said Little.
-- Contact Mike King at michael@borderline.eu.com