Serco, the British-based multinational company which runs Auckland's Mt Eden Prison, is vowing to turn around its fortunes after losing millions of dollars.
The old Mt Eden prison. Photo: RNZ
Serco's pre-tax loss for the six months to the end of June has doubled to $14 million.
That is largely due to re-organising costs, loss-making contracts and being hit by a six-month ban on British government contracts following a scandal over criminal tagging in 2013.
Serco is building a new prison in Wiri, Auckland, under a public-private partnership deal with the Government, which is worth $840 million over 25 years.