RAIL operator Aurizon is expecting damage from the Queensland floods and a train derailment to wipe more than $40 million from its full year earnings.
The group, previously known as QR National, gave the warning on Wednesday as it reported a 10.3 per cent drop in first half profit.
Ex-tropical cyclone Oswald and subsequent flooding caused significant damage to Aurizon's Blackwater and Moura rail systems in January.
Chief executive Lance Hockridge said flood damage and a separate train derailment earlier this month was likely to wipe $42 million from full year earnings.
"We see ... roughly a four million tonne impact as a result of the floods and thus the revision in the way that we describe our guidance for the full year," he told AAP on Wednesday.
Aurizon said the Moura system was re-opened on Tuesday night after a 26-day outage, while the Blackwater system had re-opened earlier in February.
The company estimated the below-rail repair costs from the floods at $10 million to $15 million.
Aurizon expects to recover those losses in 2013/14 through haulage tariffs it charges to mining companies.
The four million tonne reduction in coal volumes from the floods is expected to put a $22 million dent in Aurizon's 2012/13 pre-tax earnings as coal volumes are revised down to between 192 million and 195 million tonnes.
"More probably than not, we won't know until next year," Mr Hockridge told reporters in a conference call.
"The remainder of the impact depends on ... picking up the throughput to be able to claw back some of that four million tonnes, between now and the end of June."
A train derailment on February 7, between Rockhampton and Gladstone in central Queensland, is expected to cost $5 million.
Mr Hockridge noted that average weekly coal haulage in the 13 weeks before the floods was 3.94 million tonnes.
Aurizon's net profit fell to $175.7 million in the six months to December 31, from $196 million in the previous corresponding period.
Mr Hockridge also attributed the fall, in part, to an $87.8 million cost for a second round of 814 voluntary redundancies, announced in August.
Revenue rose to $1.9 billion from $1.7 billion and underlying net profit climbed to $222 million from $175 million.
Mr Hockridge said he was optimistic about the medium to long-term outlook for resources and bulk commodities, as global demand continued for Australian coal and iron ore.
RBS Morgans senior private client adviser Bill Chatterton said lower coal prices were behind the lower than expected underlying profit result.
"The weak coal division result was the sole cause of the disappointment on our forecasts," he told AAP.
Shares in Aurizon Holdings closed 6.2 per cent, or 26 cents weaker, at $3.95 on Wednesday.
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