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Network Rail makes first profit Network Rail makes first profit
(about 5 hours later)
Network Rail, which runs Britain's railway tracks and signals, is expected to announce it has made a profit for the first time in its history. The firm that runs the UK's railway tracks and signals, Network Rail, has made a profit for the first time.
Financial results for the six months to September show a profit of £747m, which the not-for-profit firm is to spend on improving the rail network.Financial results for the six months to September show a profit of £747m, which the not-for-profit firm is to spend on improving the rail network.
This comes after the company cut costs by more than £1bn and the beginning of delayed payments from the government. The company cut £1bn in costs and is getting delayed government payments.
In May, Network Rail announced a pre-tax loss of £232m for 2005-6. Network Rail Chairman Ian McAllister said punctuality had improved: "From being a basket case a few years ago, rail is now a success story."
Network Rail Chairman Ian McAllister said improved train safety and punctuality had turned Britain's railways into a success, but that new and greater challenges lay ahead. The next objective is getting train punctuality - currently at its highest level for seven years - above 90%, he said.
With more passengers, Network Rail had to find ways of easing overcrowding and boosting the capacity of the rail system, he said. We have to plan ahead and that's what we're doing right now Ian McAllisterNetwork Rail chairman href="/1/hi/uk/6186496.stm" class="">Charging 'could fund more roads'
"We've taken over a billion pounds out of the cost of running the railway, which is good news for the taxpayer and the fact that we're now making money means that we can use that to invest in building the railway.
"Passenger numbers have gone up by approximately 40% over the last 10 years and we think they'll rise by 30% over the next 10, so we have to plan ahead and that's what we're doing right now."
Increasing capacity was a priority but without building more miles of tracks or double-decker trains, he said.
Instead Network Rail was trying to run more trains on existing track, make longer trains and encourage people to travel outside peak hours.
Road charging
Next week the former chief executive of British Airways, Rod Eddington, will publish his report into the long-term impact of transport decisions on the UK economy.
BBC transport correspondent Tom Symonds said he will resist a French-style "grand projet" such as a high-speed rail link but will advocate using the existing network better and charging drivers for using the roads.
Network Rail replaced private firm Railtrack in 2002. It has no shareholders and must invest profits into the infrastructure.
In May, it announced a pre-tax loss of £232m for 2005-6.
The company said last year's losses were largely down to paying interest on money it had borrowed to fix the railway network.The company said last year's losses were largely down to paying interest on money it had borrowed to fix the railway network.
Network Rail replaced private firm Railtrack in 2002.