Quote Originally Posted by macduffy View Post
I'd go so far as to call it an excellent result, given recent mediocre business conditions. Any company that improves it's performance this year is doing well, IMO.

I'd agree that NZ Bus isn't the star of the show and don't expect that it ever will be - but it's a minor part of the portfolio.

Disc: One of my bigger and oldest holdings.
When IFT entered into the provision of public transport services, the Passenger Transport Management Act and its successor the Passenger Transport Operating Model didn't exist. IFT were upbeat about the possibility to grow commercial services as they saw fit, however these two acts have successively stifled that possibility.

NZ Bus is now also facing increasing competition from Go Bus, with a lower cost structure which other commercial companies will be unable to replicate. It will be interesting to see if the business is sold in the coming years.