Downer reports halved profit, and it’s a co-defendant in a leaky building claim

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Thu, 02 Nov 2023

New Zealand’s biggest infrastructure business pushed up revenue by 26% to $2.3 billion in its latest year, but rising costs hit the bottom line to halve profit. The Australian-owned Downer NZ filed its accounts on Wednesday with the Companies Office for the year to June 30, 2023. They showed the leap from last year’s $1.8b revenue, but expenses also rose 27%, so the previous $37m net profit after tax dropped to $18.6m this year. Top secretDowner NZ is also keeping a secret – something it’s not declaring in...

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