<p>Tranz Rail recorded a 59% increase in operating profit to NZ$40m for the 2002቟ financial year, but the company is still in the red.</p> <p>The New Zealand operator recorded a net loss after tax of NZ$2.6m, up from a loss of NZ$122.7m the previous year.</p> <p>Its operating profit was in line with forecasts.</p> <p>Managing director Michael Beard said the results show "pleasing progress", especially in terms of operational gains.</p> <p>"Overall, the freight rate decline has been arrested, efficiency has been enhanced and profitability continues to improve," Mr Beard said.</p> <p>The company had sufficient cashflows to cover seasonal lows in the first quarter of this financial year, he said. </p> <br />
