A boost in freight volumes and progress since the Kaikoura earthquake has seen KiwiRail grow revenue 12% to $328.8 million year-on-year.
Its operating surplus is 7% ahead of the previous year at $16.3 million.
Domestic freight is up 30% following the full reopening of the Main North Line.
Forestry is up 15% as the “wall of wood” comes on stream with expansion of log wagon fleet.
Bulk freight is up 8% despite a shortened milk season and on the back of strong coal and export markets.
Tourism is up 8% on train and ferry services. Interislander ferries had their best December ever with fare revenue 13% ahead of pre-earthquake levels.
KiwiRail Chairman Greg Miller says the organisation is finally “shaking off the impacts of the 2016 Kaikoura earthquake”.
“It will take some time to get back to where we were before the Main North Line was closed following the quake but we are seeing increased demand in this result.
“KiwiRail has overcome enormous challenges in the past two years and there are still increased cost pressures resulting from increased regulation, compliance and committing to future investments that will pay back in the long term.
“What this result highlights, however, is that we are ready to embrace growth and invest in our next phase of development,” Miller says.
