9 Mar 2012

Dunedin City Council assets may go up for sale

8:57 am on 9 March 2012

Companies owned by Dunedin City Council may go up for sale following flat earnings in their latest six monthly report.

The council owns several businesses, including the airport, a contracting business, a forestry company and an electricity distribution firm, which it runs through Dunedin City Holdings Limited.

The company's after-tax profit for the six months to December was $5 million, down slightly from $5.2 million in the same period the year before.

Dunedin City Holdings chairman Denham Shale says a review of the company is underway and will consider whether it should sell some of its assets.

Dunedin City Council is $345 million in debt, including $148 million owing from the construction and running of the city's new stadium.