<p>Tranz Rail has told shareholders the company is on course to meet its 2003 operating profitability targets.</p> <p>After a difficult 2002 financial year, in which Tranz Rail recorded NZ$123m net loss, the company is aiming to raise last year’s operating profit of NZ$27m to NZ$53.1m for the current year.</p> <p>Tranz Rail managing director Michael Beard said shareholders can to judge the success of recent restructuring on the second and third quarter performance.</p> <p>"Quarters two and three are traditionally our strongest because of export and retail cycles, and also the peak holiday traffic on the ferries," Mr Beard said.</p> <p>"Although we are only in the first month of the second quarter, we are seeing good forestry and bulk rail volumes, while Distribution Services Group, our trucking operation, is also moving into peak retail volumes."</p> <br />
