Shares in bus and ferry operator Kelsian plunged 25 per cent on Monday after it revealed a cost blowout on construction of new ferry infrastructure on Kangaroo Island in South Australia, and extra spending on projects in NSW.
Kelsian, which was formerly known as SeaLink until a name change in 2021, stunned investors by outlining that it would be spending about $90 million more than expected on various projects in 2024-25.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
