Toll's FY net profit jumps

Transport giant shelves M&A until returns improve, after posting profit rise from offloading operations.

Toll Holdings (TOL) will shelve acquisitions until returns improve as competition continues to hurt margins, after posting a 30% rise in full-year net profit.

Net profit for the year to June grew 30% to $92 million, from $71 million in the prior year, largely from a $55 million windfall on the sale of its auto vehicle and refrigerated linehaul businesses. 

Full-year earnings before interest and tax for the period came in at $426 million, in the middle of the company's guidance for between $420 million and $430 million and in line with market expectations.

Revenues were near flat, edging slightly higher to $8.71 billion in the period, from $8.7 billion. 

Toll expects the external business environment to remain uncertain this financial year.

Toll will increase its fully-franked final dividend to 14.5 cents from the 13.5 cents paid last year.