KiwiRail's operating surplus dropped 33% to $105.6M in the 2022-23 financial year due to declining freight markets and rising costs.

KiwiRail, New Zealand's state-owned rail operator, reported a 33% drop in its operating surplus to $105.6 million for the 2022-23 financial year, attributed to declining freight markets and rising costs. Despite challenges, safety and service reliability improved, with forestry revenues up 11% and passenger services seeing a 15% increase. The company invested a record $1.5 billion in capital projects, focusing on enhancing Auckland's rail network and aims for financial sustainability.

September 27, 2024
4 Articles