UPDATE 1-Australia's Asciano reports $167 mln annual loss
(Adds details)
SYDNEY, Aug 6 (Reuters) - Asciano Ltd (AIO.AX), which rebuffed a A$2.9 billion ($2.7 billion) bid approach this week, reported a larger-than-expected annual net loss on Wednesday reflecting a writedown of assets and a loss incurred from the sale of its stake in Brambles Ltd (BXB.AX).
Core earnings for Australia's biggest port and rail operator were in line with its own forecasts, with earnings before interest, tax, depreciation and amortisation (EBITDA) at A$652.9 million.
Asciano, which was spun out of Toll Holdings Ltd (TOL.AX) last year, had forecast EBITDA of A$650-A$660 million.
Asciano reported a net loss after significant items of A$182.1 million ($167 million), compared with a net loss of A$111 million, according to Reuters Estimates.
A private equity consortium consisting of TPG Capital [TPG.UL] and Global Infrastructure Partners made an unsolicited bid at A$4.40 per share for Asciano on Monday, which Asciano spurned saying it undervalued the business.
A source familiar with the deal told Reuters on Tuesday that the TPG consortium would wait for Asciano's profit announcment before deciding the next move.
"Whilst the record levels of volume growth seen over the past five years are unlikely to be repeated in the short term, continued growth in imports...should see further solid earnings growth achieved in 2008/09," Asciano Managing Director Mark Rowsthorn said in a statement.
Asciano said it had secured a number of new contracts, including a long-term deal with Rio Tinto Ltd (RIO.AX) to commence haulage of coal in Queensland state from early 2010. Asciano has committed a total of A$580 million towards the Queensland project.
Asciano said it plans to raise cash through the partial sale of some of its assets and use the proceeds to fund future growth. It would also raise up to A$100 million by the sale of new shares.
Asciano shares are down 28 percent in 2008, compared with 24 fall in the benchmark S&P/ASX 200 index .AXJO. ($1=A$1.09) (Reporting by Denny Thomas; Editing by James Thornhill)
