UK rail operator Network Rail has announced its revenue dropped from £6.1bn ($9bn) to £5.7bn ($8bn) in the last financial year due to cutting costs as part of its efficiency drive.
Its operating profits were down to £1.9bn ($2.9bn), while profits dropped to £284m ($416m).
Network Rail was able to cut its charges for passengers by 7% and 35% for freight operators, while maintenance costs were reduced by 7%.
The operator posted another record year with punctuality surpassing 91%.
Network Rail chief executive Iain Coucher said the results are in line with rail regulation parameters and that the operator must make further efficiency savings to deliver against its targets.
The results also reveal significant growth in the number of vital enhancement projects, which will add capacity to the railway.
Network Rail is currently involved in a dispute with the rail unions Transport Salaried Staff Association and the Rail, Maritime and Transport over its plans to cut 1,500 maintenance and signallers jobs.
