Network Rail profit plunges as debt rises

NETWORK Rail profits plunged by almost 75 per cent over the past year – while the company’s costs and debts rose.

The UK rail infrastructure company made pre-tax profits of £395m – down from more than £1.52bn last year.

Regulator, the Office of Rail Regulation (ORR) has warned it that any bonus payments this year must be set at levels which reflect the performance of the company.

The remuneration packages are due to be announced later this month. Network Rail’s current government funding package runs out in 2014.