KiwiRail fails to meet operating surplus targets, cites difficult conditions

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
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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