𝕂𝕚𝕨𝕚ℝ𝕒𝕚𝕝 𝕤𝕝𝕦𝕞𝕡𝕤 𝕥𝕠 $𝟜𝟘𝟟𝕞 𝕝𝕠𝕤𝕤 𝕠𝕟 𝕀𝕟𝕥𝕖𝕣𝕚𝕤𝕝𝕒𝕟𝕕𝕖𝕣 𝕨𝕣𝕚𝕥𝕖-𝕠𝕗𝕗𝕤

-

𝕂𝕚𝕨𝕚ℝ𝕒𝕚𝕝 𝕤𝕝𝕦𝕞𝕡𝕤 𝕥𝕠 $𝟜𝟘𝟟𝕞 𝕝𝕠𝕤𝕤 𝕠𝕟 𝕀𝕟𝕥𝕖𝕣𝕚𝕤𝕝𝕒𝕟𝕕𝕖𝕣 𝕨𝕣𝕚𝕥𝕖-𝕠𝕗𝕗𝕤


𝕎𝕚𝕥𝕙 𝕚𝕥𝕤 𝕗𝕚𝕤𝕔𝕒𝕝 𝕣𝕖𝕤𝕡𝕠𝕟𝕤𝕚𝕓𝕚𝕝𝕚𝕥𝕪 𝕥𝕙𝕖 𝕟𝕒𝕥𝕚𝕠𝕟𝕒𝕝 𝕘𝕠𝕧𝕖𝕣𝕟𝕞𝕖𝕟𝕥 𝕙𝕒𝕤 𝕔𝕠𝕤𝕥 𝕥𝕙𝕖 𝕥𝕒𝕩 𝕡𝕒𝕪𝕖𝕣 𝕒𝕝𝕞𝕠𝕤𝕥 𝕒𝕤 𝕞𝕦𝕔𝕙 𝕒𝕤 𝕥𝕙𝕖 𝕥𝕨𝕠 𝕟𝕖𝕨 𝔽𝕖𝕣𝕣𝕚𝕖𝕤 𝕨𝕠𝕦𝕝𝕕 𝕙𝕒𝕧𝕖 𝕔𝕠𝕤𝕥 𝕥𝕠 𝕔𝕒𝕟𝕔𝕖𝕝 𝕥𝕙𝕖 𝕕𝕖𝕒𝕝.

K

iwiRail has written off $382 million in costs associated with the cancelled Interislander replacement project and provisioned a further $60m for winding it down, BusinessDesk reports.

The $442m in costs, detailed in the 2024 half-year results released on Thursday, doesn’t include the cost of exiting the shipbuilding contract with South Korean shipyard Hyundai Mipo Dockyard, which was contracted to build two new ferries for $551m.

.



.

The coalition Government declined a bid by KiwiRail

last December for nearly $1.5 billion in extra funding for the project, called iReX, which was plagued by cost escalations largely related to the terminals and other landside infrastructure.

According to the half-year results report, KiwiRail was working with the Government on options for exiting the shipbuilding contract, including the potential for the Government to fund costs associated with terminating the deal.


“Potential costs, over and above the provision recognised in the interim financial statements, that may be incurred in reaching a settlement with the counterparty to contracts cannot be estimated with any certainty at present,” the document said.

As well as the Interislander write-down, KiwiRail booked costs of $1.9m associated with severe weather events.

.



.

Combined with $211m in impairments, the rail operator posted a net deficit after-tax result of $407m for the half-year, a 525.2 per cent decline on the $65.1m deficit recorded in the prior comparable period.

Read the full BusinessDesk story here.

.

Comments

Post a Comment

Popular posts from this blog

Luxons 2023 Election Pledges Were A Unforgivable Con

-
Image
Luxons 2023 Election Pledges Were A Unforgivable Con 𝘓𝘶𝘹𝘰𝘯’𝘴 𝘢𝘶𝘴𝘵𝘦𝘳𝘪𝘵𝘺 𝘢𝘯𝘥 𝘥𝘦𝘭𝘪𝘣𝘦𝘳𝘢𝘵𝘦 𝘭𝘰𝘸-𝘸𝘢𝘨𝘦 𝘱𝘰𝘭𝘪𝘤𝘺 𝘩𝘢𝘷𝘦 𝘱𝘳𝘰𝘭𝘰𝘯𝘨𝘦𝘥 𝘱𝘦𝘳-𝘤𝘢𝘱𝘪𝘵𝘢 𝘳𝘦𝘤𝘦𝘴𝘴𝘪𝘰𝘯, 𝘴𝘱𝘪𝘬𝘦𝘥 𝘶𝘯𝘦𝘮𝘱𝘭𝘰𝘺𝘮𝘦𝘯𝘵, 𝘤𝘳𝘶𝘴𝘩𝘦𝘥 𝘳𝘦𝘢𝘭 𝘸𝘢𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘭𝘦𝘧𝘵 𝘩𝘢𝘳𝘥-𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘒𝘪𝘸𝘪 𝘧𝘢𝘮𝘪𝘭𝘪𝘦𝘴 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭𝘭𝘺 𝘥𝘦𝘷𝘢𝘴𝘵𝘢𝘵𝘦𝘥. 𝗢𝗽𝗶𝗻𝗶𝗼𝗻: Bruce Alpine . C hristopher Luxon’s 2023 pledge card was a con. He swore he’d lower inflation, deliver tax relief, grow the economy and crush the cost-of-living crisis. Election '23, Luxon  swore he’d lower inflation, deliver tax relief, grow the economy and crush the cost-of-living crisis. Supplied by : Bruce Alpine Two-and-a-half years later the record is unforgivable: his government’s deliberate austerity and stubborn low-wage policy have deliberately prolonged a per-capita recession, spiked unemployment to decade highs, and left hard-working Kiwi famil...
Read more

ℕ𝕖𝕨 ℤ𝕖𝕒𝕝𝕒𝕟𝕕 ℝ𝕒𝕟𝕜𝕤 𝕊𝕖𝕔𝕠𝕟𝕕 𝔽𝕣𝕖𝕖𝕤𝕥, 𝕆𝕦𝕥𝕤𝕙𝕚𝕟𝕖𝕤 𝕄𝕠𝕤𝕥 𝕎𝕖𝕤𝕥𝕖𝕣𝕟 𝔻𝕖𝕞𝕠𝕔𝕣𝕒𝕔𝕚𝕖𝕤

-
Image
ℕ𝕖𝕨 ℤ𝕖𝕒𝕝𝕒𝕟𝕕 ℝ𝕒𝕟𝕜𝕤 𝕊𝕖𝕔𝕠𝕟𝕕 𝔽𝕣𝕖𝕖𝕤𝕥, 𝕆𝕦𝕥𝕤𝕙𝕚𝕟𝕖𝕤 𝕄𝕠𝕤𝕥 𝕎𝕖𝕤𝕥𝕖𝕣𝕟 𝔻𝕖𝕞𝕠𝕔𝕣𝕒𝕔𝕚𝕖𝕤 ℕ𝕖𝕨 ℤ𝕖𝕒𝕝𝕒𝕟𝕕 𝕣𝕒𝕟𝕜𝕤 𝕤𝕖𝕔𝕠𝕟𝕕 𝕗𝕣𝕖𝕖𝕤𝕥 𝕘𝕝𝕠𝕓𝕒𝕝𝕝𝕪, 𝕤𝕦𝕣𝕡𝕒𝕤𝕤𝕚𝕟𝕘 ℂ𝕒𝕟𝕒𝕕𝕒, 𝔸𝕦𝕤𝕥𝕣𝕒𝕝𝕚𝕒, 𝕌𝕂, 𝕌𝕊 𝕚𝕟 𝕕𝕖𝕞𝕠𝕔𝕣𝕒𝕥𝕚𝕔 𝕝𝕚𝕓𝕖𝕣𝕥𝕚𝕖𝕤. 𝗔 otearoa New Zealand ranks second in the 2025 Freedom in the World report by Freedom House , scoring 99/100, just behind Finland’s perfect 100.  This stellar ranking reflects its robust democratic institutions, strong civil liberties, and adherence to the rule of law, positioning it ahead of most Western nations like Canada, Australia, the United States, and the United Kingdom.  Let’s explore how New Zealand compares to these peers and why it excels. New Zealand’s 40/40 in political rights highlights its free, fair elections and vibrant political pluralism, with opposition parties operating freely.  Its 59/60 in civil liberties underscores strong protections for f...
Read more

𝕋𝕙𝕖 𝕕𝕖𝕒𝕥𝕙 𝕠𝕗 𝕄𝔸𝔾𝔸: 𝔸𝕟 𝕚𝕕𝕖𝕠𝕝𝕠𝕘𝕚𝕔𝕒𝕝 ℂ𝕠𝕝𝕝𝕒𝕡𝕤𝕖

-
Image
𝕋𝕙𝕖 𝕕𝕖𝕒𝕥𝕙 𝕠𝕗 𝕄𝔸𝔾𝔸: 𝔸𝕟 𝕚𝕕𝕖𝕠𝕝𝕠𝕘𝕚𝕔𝕒𝕝 ℂ𝕠𝕝𝕝𝕒𝕡𝕤𝕖 𝕋𝕣𝕦𝕞𝕡’𝕤 𝕔𝕠𝕟𝕧𝕚𝕔𝕥𝕚𝕠𝕟𝕤, 𝕗𝕒𝕚𝕝𝕦𝕣𝕖 𝕥𝕠 “𝕕𝕣𝕒𝕚𝕟 𝕥𝕙𝕖 𝕤𝕨𝕒𝕞𝕡,” 𝕚𝕟𝕗𝕚𝕘𝕙𝕥𝕚𝕟𝕘, 𝕕𝕚𝕤𝕚𝕝𝕝𝕦𝕤𝕚𝕠𝕟𝕞𝕖𝕟𝕥, 𝕒𝕟𝕕 𝕖𝕩𝕚𝕥 𝕔𝕠𝕦𝕝𝕕 𝕖𝕟𝕕 𝕄𝔸𝔾𝔸’𝕤 𝕟𝕒𝕥𝕚𝕧𝕚𝕤𝕞, 𝕒𝕟𝕥𝕚-𝕖𝕝𝕚𝕥𝕚𝕤𝕞, 𝕒𝕟𝕕 𝕡𝕣𝕠𝕥𝕖𝕔𝕥𝕚𝕠𝕟𝕚𝕤𝕞, 𝕝𝕖𝕒𝕧𝕚𝕟𝕘 𝕚𝕥𝕤 𝕚𝕕𝕖𝕠𝕝𝕠𝕘𝕚𝕖𝕤 𝕗𝕣𝕒𝕔𝕥𝕦𝕣𝕖𝕕 𝕒𝕟𝕕 𝕗𝕒𝕕𝕚𝕟𝕘 𝕨𝕚𝕥𝕙𝕠𝕦𝕥 𝕒 𝕦𝕟𝕚𝕗𝕪𝕚𝕟𝕘 𝕝𝕖𝕒𝕕𝕖𝕣. 𝗧 he MAGA movement, branded by critics as a cult worshiping Donald Trump’s brash persona, is teetering on a knife’s edge. Trump’s 34 felony convictions for falsifying business records, tied to hush money payments to cover an extramarital affair, stain his “drain the swamp” promise—a pledge to purge Washington of corruption.  Coupled with failure to deliver, vicious infighting, disillusionment, and Trump’s inevitable exit, these could obliterate MAGA’s future, leaving it a fractured relic of populist fury....
Read more