Toll NZ pulls double but delays dividends

Rail and ferry operator Toll NZ has nearly doubled its June year net profit to $53.3 million.

It made a $30 million profit in the second half.

Revenue from ordinary activities rose 1.8 per cent to $690.7 million for the year.

The company, of which 84 per cent is owned by Australia's Toll Holdings, said it would not pay a dividend and, due to planned capital spending, did not expect to pay any for the foreseeable future.

The result included a tax credit of $8.3 million due to the recognition of prior year tax losses under new international accounting rules.

Chief financial officer Neil Chatfield said the company continued to make solid ground in getting new contracts.