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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Jim Grenon's NZME board takes shape

Investor's concessions to media firm could only extend to bringing CEO onto its board.

Rebecca Stevenson 10:00am

The Quiz Free

QuiznessDesk, Wednesday, March 26

Can you beat the Quizmaster?

The Quizmaster 9:15am

Property

Graeme Hart owed over failed housing venture

The billionaire put a caveat on a St Heliers property now up for mortgagee sale.

Maria Slade 5:00am

Graeme Hart owed over failed housing venture

Sponsored

“Extraordinary” uptake for Auckland’s new growth hub

63% of lots at Spedding Road precinct sold ahead of completion.

Spedding Road

Sponsored

Research shows AI-based attacks causing concern and senior leaders overestimating cybersecurity readiness

Research highlights from Datacom’s State of Cybersecurity Index show AI-based attacks are top of mind and senior leaders might be overestimating their organisations’ readiness to recover from cyber incidents.

Datacom