WAM misses Auckland contracts

The company currently has a number of contracts for refuse collection in Auckland City, which are due to expire at the end of June. It currently does not have any Auckland City disposal contracts

However it says it has been unsuccessful in winning any contracts in the current bid round despite being the lowest bidder on two of the three contracts.

"Clearly the company is unhappy at the outcome and is taking legal advice," it said in a statement.

Although the company has missed out on the work, it claims the financial impact is not material in terms of total earnings, because the current contracts contribute less than 3% to annualized after-tax earnings.

WAM last week reported a jump in profit for the 2000 financial year of $14.3 million, up from $11.7 million previously, and said although revenue rose 25% it had been affected by increased competition in Auckland.

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