Rail operator QR National says it is on track to triple its iron ore haulage as it cashes in on the mining boom on both sides of the country.
It will also increase its coal haulage capacity to 300 million tonnes a year by 2015 with a forecast of about 200 million tonnes for the current year.
The ramp up in iron ore haulage to 30 million tonnes a year was dependent on the $6 billion Oakajee port project in Western Australia's Mid West region proceeding, QR chief executive Lance Hockridge said.
"Oakajee is all-important, the throughput of about 30 million tonnes takes up the vast majority if not all of existing port infrastructure in Western Australia," he told reporters.
"Outside of the Pilbara we have 100 per cent of the iron ore rail business in Western Australia."
QR on Thursday reported a net profit for the six months to December 31 of $189.3 million, down from $278 million in the previous corresponding period.
The 32 per cent decline was due to the effect of a $281 million tax benefit in the previous corresponding period.
"We remain optimistic about the markets we serve, we believe we are strongly positioned, clearly have a very robust balance sheet and solid pipeline of growth opportunities," Mr Hockridge said.
The amount of tonnes of coal QR hauls in the full year was now expected at the lower end of its previous guidance of between 200 million and 210 million tonnes, after tonnages fell two per cent to 98 million tonnes for the half, he said.
A suite of rail growth projects in Queensland and NSW would deliver an extra 71 million tonnes of rail capacity.
Mr Hockridge said he was confident about getting approval for the company's proposed 471km proposed rail projects linking mines in Queensland's Galilee and Bowen basins, which has been granted significant project status by the state government.
He also rejected claims by mining magnate Clive Palmer that QR had shut his company out of a deal to develop the project together.
The billionaire Mr Palmer has threatened to launch an $8 billion lawsuit.
"We say that allegations made to date are baseless, 100 per cent focussed on getting on with project," he said.
First half revenue of $1.715 billion was up 1.4 per cent from the previous corresponding period.
Morningstar analyst James Cooper described the revenue and profit as in line with expectations.
He also described the project execution by management as impressive.
QR declared an unfranked interim dividend of 3.7 cents per share, to match the payment of its first dividend of 3.7 cents per share in the previous half.
Its shares closed down five cents at $3.71 on Thursday.
