16 Oct 2014

City council gets cash injection

7:59 pm on 16 October 2014

The Christchurch City Council, which is about $2 billion dollars in debt, has received a $50 million cash injection from its investment arm.

Christchurch City Holdings Limited, which runs the council's investments in the likes of the airport and the Lyttleton Port, has returned a $52 million dividend, $6 million more than expected.

The company's 2014 group profit for the year was $402.6 million, compared with $70.7 million recorded in the previous financial year.

This year's figure though, includes Lyttleton Port's earthquake insurance settlement.

Company chairman Bruce Irvine said it would continue to work with the council to help it consider choices around selling assets or improving returns from assets to address its debt.

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