Transport and logistics provider Toll Holdings has had a tough start to its financial year, but believes it can still produce stronger earnings.
Managing director Brian Kruger says business has dropped off with government, defence, mining and energy customers during the first quarter.
He says the months leading up to Christmas will be critical for Toll's short-term earnings outlook.
"While still early in the year, and with a softer start than we would have liked, at this stage we continue to expect underlying earnings for financial year 2015 to be ahead of financial year 2014, but we will have to work hard to achieve that given the lack of growth in the external environment," he told shareholders at Toll's annual meeting on Thursday.
Toll made a net profit of $286.1 million in 2013/14, up from $84.5 million the previous year, when one-off items weighed on profit.
Toll's shares finished Thursday down 42.0 cents, or 7.13 per cent, $5.47.
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