Serco NZ narrows annual loss, budgets $3.2m more for Mt Eden penalty charges

Tue, 30 May 2017

By Sophie Boot May 30 (BusinessDesk) - Serco New Zealand, which operates Wiri Prison in South Auckland, narrowed its loss in 2016 despite the loss of the Mt Eden prison contract costing it an estimated extra $3.2 million in penalty charges. The company posted a $10.5 million loss for the year ended Dec. 31, 2016, from $11 million in 2015. Revenue dropped to $52.1 million from $64.1 million a year earlier, while cost of sales narrowed to $55 million from $75 million in 2015. Serco NZ made a $3.2 million provision for onerous contract ch...

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