Aurizon launches cost-cutting drive
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The country's largest rail group, Aurizon, formerly QR National, will embark on a cost cutting drive to slash $230 million in expenses in the next two years that will likely include job cuts and asset sales.
In an investor presentation, Aurizon said it was targeting a $100 million reduction in support costs and at least $130 million in "productivity improvement" - including cuts of up to $70 million in labour - by the close of the 2014-15 financial year.
"Aggregate target cost improvement in FY14 and FY15 is expected to exceed $230 million, which is over and above revenue quality improvements, growth and other initiatives," Aurizon said.
Its targeted savings in labour for its above the line rail operations included a "flexible workforce", "outsourcing or ceasing of non-core activities" and "rationalisation of yard, terminal and maintenance footprint".
Aurizon said coal hauled in FY13 would come in at 193.7mt, within its guidance range of 192mt to 195mt.
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