Australian rail company Toll Holdings may sell its business to the government due to low profits, according to Australian and New Zealand reports.
Following an article in New Zealand's Railway Observer magazine which stated that Toll-owned locomotives would no longer be seen in the country, speculation about the future of the company in New Zealand has mounted.
But Toll NZ has spoken out saying the company is absolutely committed to rail in New Zealand and has even increased freight on a number of its services, according to Australian news agency AAP.
The New Zealand Government bought the rail network back four years ago but it has not been able to agree long-term access fees with Toll NZ which is holding up investment in new locomotives, according to AAP.
By staff writer
