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MELBOURNE -(Dow Jones)- QR Nationwide Ltd. (QRN.AU), Australia's biggest rail freight haulage business by tonnage hauled, explained Monday it swung to a profit in its initial year because being privatized by the Queensland state authorities. The Brisbane-based mostly firm reported a net profit of A$ 349.5 million in the year to June 30 from a 12 months-earlier loss of A$ 36.eight million, although revenue rose eleven% to A$ 3.29 billion from A$ two.97 billion. QR Nationwide, which listed on the Australian trade in November, declared a dividend of 3.7 cents a share. Copyright © 2011 Dow Jones Newswires