Bluebridge owner makes bookkeeping changes, $19.6m in profit

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...