THE UK's largest trains operator, National Express, posted losses of £85.6m after pulling out of its train and tram operation in Australia.
The group, whose UK operations include ScotRail, Midland Mainline and Wagn railways, took a £125.9m hit in December after failing to agree financial terms with authorities in the state of Victoria.
Bottom-line profits in 2001 were £115.5m.
The group, which continues to operate bus services in other parts of Australia, said the withdrawal from train and tram operations was now complete.
National Express, which employs 13,200 people in its UK train operations and 5,300 people in its UK bus division, also posted a 17 per cent drop in operating profits.
Profits from its rail franchises fell 16 per cent to £33.9m, despite a seven per cent rise in turnover after higher insurance and new rolling stock costs.
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