AusRAIL

FreightCorp sold at $110m book loss

<p>The FreightCorp sale netted the New South Wales Government around $110m less than expected, according to a report released last week by the state’s auditor-general.</p> <p>According to the report, FreightCorp’s assets were valued by eventual buyers Toll Holdings and Lang Corporation at $70.1m lower than the company’s book value.</p> <p>In addition, the sale of Enfield site to Sydney Ports Corporation was $10.2m lower than forecast and assets were transferred to the State Rail Authority at a $38.4m loss.</p> <p>In total, NSW made $607.7m on the FreightCorp sale.</p> <p>The auditor-general conceded that this calculation were financial only and do not include net benefits arising from the sale. These will be covered in a future study.</p> <br />