Interislander write-offs drive $407m KiwiRail deficit

KiwiRail has had to write off $382m in costs associated with the Interislander replacement project. (Image: KiwiRail)

Thu, 29 Feb 2024

KiwiRail has written off $382 million in costs associated with the cancelled Interislander replacement project and provisioned a further $60m for winding it down.The $442m in costs, detailed in the 2024 half-year results released on Thursday, doesn’t include the cost of exiting the shipbuilding contract with South Korean shipyard Hyundai Mipo Dockyard, which was contracted to build two new ferries for $551m.The coalition government declined a bid by KiwiRail last December for nearly $1.5 billion in extra funding for the project, called iR...

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