Waste management company Envirowaste has widened its annual loss but says the underlying business is performing well.
The company lost $11.7 million in the year to the end of June, compared with a $10.5 million loss the previous year.
The loss is due to $20 million of capitalised interest.
Earnings before interest and tax rose 6% to $25.4 million.
Envirowaste is owned by Australian private equity firm Ironbridge Capital.
That firm's New Zealand operating partner Kerry McIntosh says the company has won some good contracts with local authorities recently.
Mr McIntosh says Envirowaste is on track to exceed last year's earnings for the current financial year, despite the sluggish economy.