KiwiRail posts improved surplus, despite freight challenges

KiwiRail posts improved surplus, despite freight challenges
Freight volumes were lower than forecast, but the freight business still recorded an 8% increase in revenue. (Image: KiwiRail)
Oliver Lewis
Despite failing to meet its freight targets, KiwiRail booked $501 million from its core freight business to help drive an increased surplus.The state-owned rail operator released its 2023 earnings on Monday, reporting a $156.5m operating surplus in the year to June 30, up 17% on its 2022 result.Group operating revenue was up 16.5% to $991.6m, and expenses also rose by 16.5% to $835.1m.The result was prepared under the new accounting model which separates out above and below rail activities. Investment in the railway network - "below rail&q...

More Finance

No longer 'boutique' Generate is executing, CEO says
Finance

No longer 'boutique' Generate is executing, CEO says

The fund manager is now the seventh-largest KiwiSaver provider.

Gregor Thompson 09 May 2025
ANZ half-year profit surges on non-cash gains
Finance

ANZ half-year profit surges on non-cash gains

Cash earnings were flat, and net interest margin rose slightly.

Pattrick Smellie 08 May 2025
BNZ preserves margins on flat half-year
Finance

BNZ preserves margins on flat half-year

BNZ outranks its Australian cousins for customer preference.

Pattrick Smellie 07 May 2025
Westpac's NZ net interest margin expands again
Finance

Westpac's NZ net interest margin expands again

Net interest margins rose in NZ, but shrank for the group as a whole.

Pattrick Smellie 05 May 2025