Canterbury lines company Orion NZ profit sinks 39%

Orion NZ added 5,000 customers in the year. (Image: Orion NZ)

Tue, 04 Jul 2023

Orion New Zealand reported a 39% slide in annual profit as the Canterbury lines company's expanding capital programme and growing debt coincided with inflation pressures driving up costs. Net profit fell to $21.6 million in the 12 months ended March 31 from $35.5m a year earlier, even as operating revenue rose 3.9% to $322.6m. The lines company's interest bill rose by almost a third to $16.4m with debt of $498m, up from $420m a year earlier, to help fund a capital expenditure programme forecast to increase 260% over the next 1...

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