KiwiRail loss widens to $248M as talks on its future resume

Fri, 29 Aug 2014

By Pattrick Smellie Aug. 29 (BusinessDesk) - KiwiRail, the unprofitable government-owned rail operator, has turned a net loss of $248 million for the year to June 30, as crippling annual writedowns on the value of its assets continued, despite total investment by the government and the company itself of more than $1.5 billion since 2010. The annual trading surplus was also down 28.4 percent, caused by a combination of the loss from service of the Cook Strait ferry after one ot its propellors dropped off last November, the removal of new w...

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