Break-even a decade away for KiwiRail making up for years of neglect, Quinn says

Thu, 29 Aug 2013

By Jonathan Underhill Aug. 30 (BusinessDesk) – KiwiRail beat its guidance with a 3.1 percent gain in full-year operating surplus but a net profit is at least a decade away as the railroad continues to spend more than it earns and writes down the value of assets yet to generate enough cash flow. The state-owned enterprise posted an operating surplus of $108 million in the 12 months ended June 30, from $77.6 million a year earlier. Sales climbed 1.6 percent to $727 million, outpacing a 1.3 percent gain in operating expenses. The net loss was...

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