The Directors of K&S Corporation Limited announced a net profit after tax of $8.9 million for the 2013-14 financial year, a reduction of 44 per cent on the previous year.
Operating revenue for the year was $586.2 million, an increase of 3.8 per cent on the previous corresponding period. The underlying profit after tax after allowing for some one off costs was $10.4 million. The result included a number of one off items related to reorganisation costs of $0.9 million and acquisition costs of $0.6 million.
Following the acquisition of Scott Corporation in February this year, K&S reports that is has achieved annualised integration benefits in excess of $3 million. These savings came from back office, administrative and equipment costs.
During the course of the year, K&S also acquired prime movers and trailing equipment worth $32.5 million.
In August 2013, K&S completed the purchase of 14.6 hectares of land in Bullsbrook, Western Australia for $13.3 million. The land on the Great Northern Highway, north of Perth will be developed to consolidate the Regal Transport General Haulage operation and will be a bridging depot for the Regal Transport Heavy Haulage business, which encounters curfew issues at its current South Guildford location.