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| Sunday, May 17, 07:39:23am | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, [3], 4, 5, 6, 7, 8, 9, 10 ] |
| Subject: minus 124.9 equals 21.9 million loss.Aug 27 Mandy Bryan AFR | |
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Author: Analysts expect ERG to post a loss of $145million in the year to June 30, 2003. |
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Date Posted: Wednesday, September 10, 02:56:00am In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am http://afr.com/articles/2003/08/26/1061663792183.html Costa puts dampener on ERG smartcard Aug 27 Mandy Bryan ERG has hosed down speculation that its $320million Sydney smartcard ticketing contract is in jeopardy, but delays to the project now look likely given recent comments by NSW Transport Services Minister Michael Costa. In an address to the state Chamber of Commerce last week, the minister questioned the integrated ticketing project in its existing form and said its specifications needed to be remodelled. Mr Costa questioned the outlay of $320million on smartcard technology to support a complex fare structure comprising 73 different tickets. "No one has asked if the structure of having 73 fares is sensible in the first place. I'm not convinced it is so I'm reconsidering our fare structure and the entire integrated ticketing project," he said. Mr Costa said the aim was to do this within the existing contract with ERG. advertisement advertisement The scope of the review and its impact on the cost and timing of the project has yet to be specified. A spokesman for the minister said yesterday, however, that the review would take into account the Parry inquiry into fares and investment in public transport. Recommendations from the inquiry are not due to be handed down until the end of the year, and the first smartcard pilot is due to take place next year in Sydney's eastern suburbs before full implementation in 2006. According to industry sources, a change to Sydney's fare structures would involve between 60 to 70 private and public transport operators and could delay the integrated ticketing project for up to one to two years. They also said if the design of the system was altered as a result of a change in fare structures, the price of the contract could change. However, ERG chairman Tony Shepherd said neither the timing nor cost of the project would be affected. "We are working to deliver a very complicated system and if it's simplified, it makes the task a little easier for everybody. We are one hundred per cent supportive of it and we think it's a very good move," Mr Shepherd said yesterday. The contract is considered a vital component in the recovery of the struggling Perth-based company which last year posted a loss of $243.9million. Analysts expect ERG to post a loss of $145million in the year to June 30, 2003. Paterson Ord Minnett analyst Robert Gee said the Sydney contract represented about 20 per cent of the $650million in revenues he estimated for ERG in the next two years. Sydney's integrated ticketing system, which was first announced in 1999, has already had delays. The selection of ERG as the preferred tenderer took more than two years, and then contract negotiations were stalled by litigation between rival bidder Cubic and the NSW government over the bidding process. ERG's shares rose 1¢ yesterday to close at 87¢. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Big-ticket changesSeptember 13, 2003 | The State Government is proposing radical changes to transport services. Joseph Kerr looks at which reforms might make it. | Friday, September 12, 06:07:31pm |
| ERG loses $198.3m in bad season for WA firms September 13, 2003 | WA REPORTING laggards led by ERG have completed a disappointing year by reporting combined losses running into hundreds of millions of dollars. | Friday, September 12, 06:10:12pm |
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