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

Mon, 02 Oct 2023

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...

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