DCHL makes $5m loss

Denham Shale

Delta has written down the value of its assets - including properties at Jacks Point and Luggate - by $9 million, contributing to a multimillion-dollar loss by the Dunedin City Council's group of companies.

The annual results of the group's holding company, Dunedin City Holdings Ltd, were presented to media at midday today.

The results showed DCHL had recorded an initial surplus of $7 million, but asset revaluations - and other factors - helped turn that into an overall $5 million loss for the past year.

Aurora Energy, Dunedin City Treasury, Taieri Gorge Railway and Dunedin International Airport had enjoyed good years, but Delta and City Forests had struggled, DCHL chairman Denham Shale confirmed.

Overall group revenue was up, however, and DCHL had met its obligation to provide $23.2 million to the Dunedin City Council in the past year, he said.