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

(Image: Supplied)

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...

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 }}

Opinion

Eden Bradfield: Stewart’s Comvita bid ain’t that sweet

Honey firm’s takeover bid is hard to swallow.

Eden Bradfield 5:00am

On the Money

On the Money: Jason Walbridge, Julian Cook, Te Arikinui, and more

Dileepa Fonseka 5:00am

Opinion

Simon Robertson: Gamification – it’s coming for you

How smart companies game your life to make money.

Simon Robertson 5:00am

Sponsored

Move-in ready offices: How business are rethinking workspace

Businesses want agility – and office space is evolving fast

Sponsored by Precinct Properties

Sponsored

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

Experts warn SAF delay could cost jobs and growth.

Z Energy

More Infrastructure

Finance

Big names for Wellington Water board

Credit rating agency warns that water reforms are no council debt panacea.

Pattrick Smellie 31 Oct 2025

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

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

More Infrastructure

Your company has a subscription

Team