KiwiRail misses SCI targets for revenue, earnings as passenger, Interislander units lag

Wed, 29 Aug 2012

Aug. 29 (BusinessDesk) - KiwiRail, the state-owned railway company, missed its statement of corporate intent targets for full-year revenue and earnings because of weaker-than-expected returns from its passenger and Interislander units. Operating revenue in the 12 months ended June 30 rose 7.2 percent to $715.8 million, the Wellington-based company said in a statement. The net operating surplus fell 24 percent to $77.6 million, including an $11.8 million writedown of inventory and a $15.6 million restructuring charge against its infrastructure...

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