KiwiRail fails to meet operating surplus targets, cites difficult conditions

KiwiRail chief executive Peter Reidy says the operating surplus was achieved in a difficult operating and trading environment. (Image: KiwiRail)

Oliver Lewis

Fri, 30 Sep 2022

KiwiRail has underperformed against its target operating surplus, noting issues with its ferry fleet among other difficulties. The state-owned rail company posted a $133.9 million surplus for the 2022 financial year, the first full-year result to be reported under its new funding model which separates out below-rail and above-rail activities. “This is a creditable result given the difficult conditions in the 2022 financial year,” board chair David McLean said. However, it was well shy of the $147m to $162m operating s...

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