Four months after spinning off its port and rail operations into the listed Asciano Group, Toll Holdings boss Paul Little said he is interested in buying assets in Queensland Rail, Asciano's major rival.

These assets are expected to include Queensland Rail's freight forwarding business, previously called Q-Link, now sitting under the QR National brand.

Little said earnings were in line with expectations and its outlook remained positive.

He tried to downplay the group's interest in making a takeover bid for Brambles, saying Toll was also interested in other providers of pallets. This could include Loscam Holdings.

Toll took a small equity stake in Brambles of 0.5 percent between July and August, prompting speculation that a takeover of the pallet hirer was imminent.

Little said the Brambles opportunity is just one that Toll has and the company has a small pallet business in China. He said there are other pallet operators that the company will look at.

Little said the driving force for Toll was the belief that integrating pallets into the supply chain would generate value.

Toll was not, however, talking to Brambles about its pallets business.

Little said the company is continuing to review the long-term future of its investment and a number of options are being evaluated to maximise the value of Virgin Blue, which is currently not reflected in its share price.

A decision on Virgin Blue is expected before the end of the year.

Toll is believed to want to keep less than 20 percent in the entity. It is believed to be talking to other airlines as well as private equity operators.

Little also confirmed that Toll was interested in moving into the bulk ports market, particularly in Western Australia, saying that there are some port-related opportunities in Western Australia that the company is looking at. He said there is nothing to stop the company from getting into rail or ports.

Little said he had lodged an expression of interest in buying parts of the US$894 million-plus Tenix Group, which is being sold by the Salteri family.

Toll has a joint venture with Tenix, called Toll Tenix Defence Logistics, with a pre-emptive right on any sale.

Little said he was also interested in other parts of the Tenix empire, particularly in defence logistics.

Toll envisioned a continuation of solid organic growth throughout its Australian operations.

He also said exciting acquisition opportunities had been identified in Australia, New Zealand and Asia.