The heavy rains and flooding currently denuding much of Queensland would definitely impact on QR National Ltd's earnings but the rail operator is holding back its estimates until actual assessments are checked in.

In a statement released on Wednesday, QR National said that it was premature at this time to issue definite figures amidst the company's ongoing assessment on its track conditions and the weather disturbance's impact on its tonnages and rail network.

The company noted too that more rains and flooding are forthcoming and it pointed out that "until these highly unusual weather impacts subside, it is not possible to make a full assessment on full year published earnings forecast."

Talks are also underway with Queensland mining companies, according to QR National, to ascertain the bad weather's impacts on production and stockpiles as many parts of the state were hit by the worst flood in 50 years that forced a thousand residents from their homes.

Basing on QR National's share offer documents, the company predicts to achieve pro forma earnings before interest, tax depreciation and appreciation (EBITDA) of $894 million in 2010/11, which is an improvement from the $628 million it posted in 2009/10.

Also, the same documents showed that QR National is expecting some $3.363 billion in pro forma revenues for the current year, coming from the $2.903 billion gained in the previous fiscal year.

The statement came out in the midst of state government efforts to combat the worsening effects of the heavy deluge to Queensland, with deputy premier Paul Lucas admitting on ABC that the situation has become alarming and damages could easily breach the $1 billion mark.

On its part, QR National has admitted that the heavy downpours rendered much of its networks unusable and should affect coal haulage services up to the month of January as it stressed that "the continuing wet weather and flooding is hampering access to the track and hence recovery efforts."