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First Waratah train on line

After an 18-month delay, two hefty profit downgrades and three chief executives shown the door, Downer EDI has finally seen its first Waratah train set begin passenger service in Sydney's commuter rail network.

After an 18-month delay, two hefty profit downgrades and three chief executives shown the door, Downer EDI has finally seen its first Waratah train set begin passenger service in Sydney's commuter rail network.

"There has been a lot of hard work from Downer and RailCorp to get to this point and we look forward to delivering the remaining [trains] over the next three years," Downer's chief executive, Grant Fenn, said yesterday.

Some analysts consider the completion of the first train as the first of several catalysts that will see Downer's battered share price recover.

But others still say there remains sufficient risk over the project consortium's funding and the contractor's ability to deliver the trains consistently on time from now on.

Shares in Downer closed 6? higher, or 1.6 per cent, at $3.76.


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