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| Network Rail makes first profit | Network Rail makes first profit |
| (10 minutes later) | |
| The firm that runs the UK's railway tracks and signals, Network Rail, has made a profit for the first time. | 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 £747m profit, which the not-for-profit firm set up in 2002 is to spend on network improvements. | Financial results for the six months to September show a £747m profit, which the not-for-profit firm set up in 2002 is to spend on network improvements. |
| The company cut £1bn in costs and is getting delayed government payments. | The company cut £1bn in costs and is getting delayed government payments. |
| 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 punctuality had improved: "From being a basket case a few years ago, rail is now a success story." |
| The next objective is getting train punctuality - currently at its highest level for seven years - above 90%, he said. | |
| We have to plan ahead and that's what we're doing right now Ian McAllisterNetwork Rail chairman Charging 'can fund new 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. | "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." | "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. | 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. | Instead Network Rail was trying to run more trains on existing track, make longer trains and encourage people to travel outside peak hours. |
| Road charges | |
| 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. | 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 project" such as a high-speed rail link but will advocate using the existing network better and charging drivers for using the roads. | BBC transport correspondent Tom Symonds said he will resist a French-style "grand project" 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. | 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. | 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. |