EnviroWaste Services. Photo / APN
Unlisted New Zealand waste management company EnviroWaste Services says it has increased its earnings before interest and tax by 6.3 per cent to $24.4 million in the year to June 30, despite flat economic conditions.
But interest costs had taken it to a bottom line loss of $11.7 million for
the year, up from a loss of $10.5 million in the previous year.
EnviroWaste, which is owned by funds managed or advised by Australian private equity company Ironbridge Capital, increased its revenue by 8 per cent to $144.0 million from $133.4 million.
Ironbridge New Zealand operating partner Kerry McIntosh said Ironbridge had no immediate plans to sell the business, which is the second biggest player in the New Zealand waste management industry after Australia's Transpacific.
He said the result was underpinned by several large contaminated soil disposal contracts, including the Victoria Park tunnel development, which involved EnviroWaste removing 300,000 to 400,000 tonnes of spoil from the old Auckland gas works site.
