Toll reports higher profit

Toll reports higher profit    Australian-based Toll Holdings, a leading transport and logistics provider in Asia, said it had net profit of 173 million Australian dollars ($175 million) in the first half of its fiscal year, 18 percent more than in the same period a year earlier.
   Revenue for the six-month period ended Dec. 31 was AUD $4.2 billion (about $4.23 billion), a 28 percent increase over the six months ending Dec. 31, 2009.
   'After another year of growth, Toll's Global Forwarding division is now just outside the world's top 10 generating revenue for the half of $901 million,” 105 percent more than the same period a year earlier, said Paul Little, Toll Group managing director.
   The company said revenue growth for Toll Global Forwarding reflects the impact of both acquisitions and organic growth. In February 2010, Toll Global Forwarding acquired U.S.-based firm Summit Logistics International, and in the second half of 2010 bought U.K.-based Genesis Forwarding Group and WT Sea Air, based in the United Kingdom and Asia. This month it also completed the acquisition of SAT Albatros based in Dubai.
   Little said Toll Global Forwarding achieving improved margins with both air and sea volumes growing strongly.
   Earnings before the deduction of interest, tax and amortization expenses (EBITA) was AUD $24.6 million ($24.8 million) for the half, a 232 percent increase from year-earlier period, which the company said reflects the benefits of improving volumes, greater scale and integration benefits from acquired businesses, particularly in North America and in Asia. It said the strong Australian dollar against the Hong Kong dollar reduced the translation of offshore earnings by AUD $2 million.