Wiri prison becomes more profitable on lower expenses, gain on interest rate swaps

Mon, 04 Dec 2017

By Jonathan Underhill Dec. 4 (BusinessDesk) - SecureFuture Wiri Holdings, which has the contract for the Auckland South Corrections Facility, turned to a full-year profit as expenses fell and it recognised a gain on the value of interest rate swaps. The profit was $8.2 million in the year ended June 30 from a loss of $1.6 million a year earlier. Revenue fell 2.3 percent to $40.2 million. Cost of sales, which is what SecureFuture pays prison operator Serco, rose to $34 million during the year from $33.4 million a year earlier. Operatin...

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