Australia's largest national rail freight and cargo port operator, Asciano, has reported a 39.2% increase in underlying NPAT to $348.1mln. A near 8% increase in revenue was helped by a 38% improvement in the performance of the Bulk and Automotive Port Services group, due to further growth in imported car volumes. Significantly, lower capex in the medium term has allowed the group to increase the payout ratio from a range of 20%-30% before material items to a range of 20%- 40%. A final dividend of 6.25 cents was declared. Visit investing.commsec.com.au/reportingseason for further details.