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AUSTRALIA'S PATRICK, TOLL DISPUTE PERFORMANCE OF RAIL JV.
MELBOURNE, March 1 Asia Pulse - Stevedore Patrick Corp Ltd (ASX:PRK) and predator Toll Holdings Ltd (ASX:TOL) have again disputed the performance of their joint-venture rail operator, Pacific National (PN).
Patrick said it expected PN to report an annual profit of .7 million - lower than Toll estimates.
Patrick and transport conglomerate Toll have been fighting over the future of PN and making different assessments of the rail operator since Toll launched a hostile $4.6 billion takeover bid for Patrick.
Patrick is now seeking to break up PN, which it has described as "dysfunctional". Toll is resisting a break-up of PN.
Patrick and Toll each own 50 per cent of PN.
Patrick said that following receipt of new PN management forecasts, PN's earnings before interest and tax (EBIT) were expected to be $159.1 million for the year ending June 30, 2006.
Patrick said the earnings figure was $20.7 million lower and the profit figure was down $14.5 million on previous PN management forecasts disclosed by Toll.
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