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In fiscal-year 2003, Tranz Rail Holdings Ltd. earned $40 million in operating profit from trading — a 59 percent increase compared with $25.2 million in FY2002.

During the fiscal year ending June 30, Tranz Rail also reported an after-tax net loss of $2.6 million compared with an after-tax net loss of $122.7 million in FY2002. Annual total trading revenue increased from $601.8 million to $609.7 million and total operating costs dropped from $576.6 million to $569.7 million.

"Operational gains recorded during the year saw Tranz Rail move a record tonnage," said Managing Director Michael Beard in a prepared statement. "Total bulk revenue was 2.1 percent ahead of the previous year … mainly due to coal revenue, which was 16.1 percent ahead of the prior year [and] intermodal traffic revenue being [up] 4.1 percent."

During the fiscal year's fourth quarter, Tranz Rail earned an operating profit from trading of $9.7 million compared with a $3.3 million loss in the same FY2002 period. The railroad also reported a quarterly after-tax net loss of $21.3 million compared with $145.7 million in fourth-quarter FY2002. Total trading revenue increased from $147 million to $150.2 million and total operating costs decreased from $150.3 million to $140.5 million.