KiwiRail loss widens in 2018 on further writedowns; lifts revenue, underyling earnings

Fri, 24 Aug 2018

By Sophie Boot Aug. 24 (BusinessDesk) - KiwiRail, the state-owned rail and freight operator, widened its loss in 2018 with further writedowns to its rail network, even as revenue and underlying earnings gained. The Auckland-based state-owned enterprise reported a net loss of $235.9 million in the year to June 30 versus a loss of $197.3 million in the prior year. That reflected an impairment charge of $248.6 million on KiwiRail’s rail assets, down from $295.8 million. As the rail network does not generate sufficient cash to cover the leve...

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