KiwiRail targets earnings jump in ‘sluggish’ economy

KiwiRail’s tourist train routes showed a rise in passengers, but commuter numbers fell. (Image: Supplied)

Wed, 01 Oct 2025

KiwiRail achieved a $5 million uplift in its pre-tax gross margin on its rail services and a substantial increase in operating cash flow, even as it continued to take major impairments relating to the cancelled iRex inter-island ferry project.The state-owned rail operator reported an operating surplus – revenue minus operating costs – of $111.2m in the year to June 30, compared with $105.6m, and continued to target an “ambitious” $160m surplus for the current year.“We are conscious that currently market headwinds o...

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