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Rail owner rejects Alice safety concerns
The chief executive of FreightLink says services will continue to run as usual despite the board's decision to sell the business.
The company, which runs and operates the rail line between Adelaide and Darwin, is calling for expressions of interest from investors.
FreightLink signed a 50-year agreement in 2001 to build a new railway between Alice Springs and Darwin which cost $1.2 billion to finish including $500 million in taxpayers money.
FreightLink made some big growth last year, but still suffered an after-tax loss in excess of $50 million.
Company chief executive John Fullerton says it has been able to lift freight volumes and revenue but not enough, with debt from construction weighing heavily on the company.
Mr Fullerton says the construction costs and debt inherited as part of that venture are behind the board's decision to sell the company.
"At some point we had to either restructure the business or sell it because of the debt structure," he said...
...Speculation is circulating that Queensland Rail and Melbourne-based transport company Asciano Group are among potential buyers.
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Mon May 19, 2008
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