British rail operator Network Rail yesterday reported a 13 per cent increase in net debt to £22.3 billion (Dh136bn) and said it had invested a record £4.7bn in the network last year.
The company, part-funded by government subsidies and partly by charges to rail operators, posted a pretax profit of £1.52bn for the year to March 31, slightly down from last year's £1.60bn.
After-tax profits nearly halved to £609 million from £1.2bn, which it said was mainly due to a £524m increase in its deferred tax charge following changes in tax allowance rules.
The tax charge rose to £915m from £408m a year ago but it said all but £9m was in deferred tax.
Network Rail also reported a rise in its pension deficit to 33 per cent, up from 17 per cent last year, as the value of its pension fund assets fell by 25 percent to £2.21bn.
The rail firm said last year it expected its debt to rise to £30bn by 2014 as it invests in expanding and renewing Britain's railways.
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