Toll yet to see improvement in economy TRANSPORT and logistics provider Toll Holdings expects its underlying earnings in the current year to improve upon last year despite not yet seeing any real improvement in the health of the economy. "While it is clear that we are yet to see a measurable improvement in the general economic environment, we are generally tracking where we expected to be at this time of the year," Toll managing director Brian Kruger told shareholders at the company's annual general meeting on Thursday. The next few months, which include the key Christmas period, would be critical to Toll's full-year financial results. "But given the good progress we are making on productivity and cost reductions, we currently expect underlying earnings before interest and tax for fiscal 2014 to be ahead of the prior year," Mr Kruger said. He said the performance of different sectors of the economy varied. Toll's businesses that were exposed to the mining sector were experiencing some pressure from lower volumes and cost-cutting measures by customers. Continued softness in the retail sector was also keeping pressure on a number of Toll's businesses. Also, a number of significant contracts for Toll had been completed over the past six months or so and needed to be replaced. Most of the markets in which Toll operated remained highly competitive. Shares in Toll were 15 cents higher at $5.89 at 1223 AEDT.