AusRAIL, Market Sectors

ARTC to plough annual profit back into track

<p>The Australian Rail Track Corporation (ARTC) has pledged to reinvest all of its net profit of more than $47m for 2004&#4705.</p> <p>The Federal Government-owned organisation said it was agreed that its profit &#8211 which represents a 4.95% return on average capital &#8211 will be reinvested into the network over the next five years and "no dividends will be declared by arrangement with ARTC shareholders".</p> <p>The 2004&#4705 figures include the first 10 months of operations in New South Wales under a 60-year lease of the state’s interstate rail and Hunter Valley rail networks.</p> <p>Freight volume on the South Australian, Victorian and Western Australian parts of the ARTC network grew by 8.9% over the previous year.</p> <p>Intermodal growth on the east-west rail corridor grew 13% over 2003&#4704 and the rail market’s share of east-west land freight remained steady at around 81%, ARTC said.</p> <p>Looking ahead, ARTC said 2005&#4706 would be dominated by the work on its $1.4bn east coast network investment program.</p> <br />