First Impression: Aurizon-AZJ- FY16 Result

Bell Potter

Net operating cash flow down 2% to $691.8m. Operating costs decreased 12% with $131m transformation benefits and $53m reduction in fuel price (Transformation benefits ahead of target, $383m over last three years). Operating Ratio (OR) 74.8% as compared to 74.3% in FY15 and our forecast of 74.9%.


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