Herald Sun reported that cautious consumer spending and bad weather cut rail and ports operator Asciano's third quarter earnings, leading the group to downgrade its profit guidance for the full year.

The huge wet in Queensland was a telling factor, cutting the QR National competitor's coal haulage volumes, which were also restricted in the Hunter Valley in NSW.

But even on its east coast to Western Australia route, rain that cut the transcontinental track had an effect.

And a lack of consumer demand in Australia, and some disruption to international traffic from Japan's earthquake and tsunami also cut into the volumes of containers moved through its port operations in Brisbane, Sydney and Melbourne - where it is also facing industrial action that may continue to affect the final quarter of 2010-11.

Asciano expects coal volumes this quarter to improve, but to recover only slowly, as Queensland miners struggle to restore normal output.

It forecast earnings before interest and tax for the year to June 30 of AUD 530 million to AUD 540 million, up from AUD 439.6 million in the previous year.

But the latest forecast was down on the indication the group gave in February when it said it was comfortable with the analysts' consensus forecast for full year EBIT of about AUD 550 million.

(Sourced from Herald Sun)