Bluebridge owner makes bookkeeping changes, $19.6m in profit

StraitNZ operates two Bluebridge ferries across the Cook Strait. (Image: StraitNZ)

Wed, 18 Sep 2024

The owner of the Bluebridge Cook Strait ferry service has reported a net profit of $19.6 million for the 2024 year – a 65.7% increase on the prior period, although changes to the group structure have complicated year-on-year comparisons.Private equity investor Morgan Stanley Infrastructure Partners received Overseas Investment Office approval in early 2022 for its locally incorporated company, Burgundy Bidco, to acquire StraitNZ Holdings in a deal reported to be worth more than $500 million.Morgan Stanley acquired the group from CPE Capit...

Subscribe to BusinessDesk

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.

Already a Subscriber ? Sign in here.

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 }}

Retail

Mitre 10 starts banking IT project gains

The hardware store chain has gained share in a tough market.

Pattrick Smellie 5:00am

On the Money

On the Money: The EU, Air NZ succession, and more

A royal succession plays out in the skies, and Luxon talks about toast.

Dileepa Fonseka 5:00am

On the Money: The EU, Air NZ succession, and more

World

Budapest bust shows pressure works on Putin

Rattling Russia’s cage some more might bring Putin to his senses.

The Washington Post 5:00am

Budapest bust shows pressure works on Putin

Sponsored

NZ risks losing edge as Australia takes lead in cleaner jet fuel

Experts warn SAF delay could cost jobs and growth.

Z Energy

Sponsored

Focus on safety of SME vehicle fleets

Vehicle glass repairer’s work enhances road safety.

Smith & Smith

More Infrastructure

Primary Sector

US$411b on the table: will NZ claim a slice?

Infrastructure will be a major focus of the NZ EU Summit, but Ukraine might be too.

Dileepa Fonseka 24 Oct 2025

Infrastructure

Wellington Airport's half-year passenger numbers down, net loss up

Staff reporters 23 Oct 2025

Infrastructure

Marsden Maritime Holdings CEO Rosie Mercer standing down

Marsden Maritime Holdings' chief executive, Rosie Mercer, is stepping down at the end of the year.After three years in the job, she said the decision was a natural transition point for her and the company, as Marsden Maritime Holdings (MMH) was in a strong position and well-p...

Ian Llewellyn 23 Oct 2025

Infrastructure

Property for Industry says valuation cycle turning

It cites strong occupancy, lease terms behind and sees strong 2026.

Staff reporters 21 Oct 2025

Bluebridge owner makes bookkeeping changes, $19.6m in profit

More Infrastructure

Your company has a subscription

Team