KiwiRail 1H operating earnings rise 7.6 percent on freight, FY result to miss SCI

Thu, 28 Feb 2013

Feb. 28 (BusinessDesk) – KiwiRail, the state-owned railway company, posted a 7.6 percent gain in first half operating earnings as it benefited from a pickup in freight revenue and a continued drive to cut costs. The operating surplus was $46.9 million in the six months ended Dec. 31, from $42.6 million a year earlier, the Wellington-based company said in a statement. Operating revenue rose 4 percent to $362.9 million while operating expenses dropped 3.5 percent to $316 million. An impairment of $189.9 million, relating to the restructuring o...

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