ANCHORAGE, Alaska — The state-owned Alaska Railroad Corp. said on Monday it earned a net income of $6.6 million in 2001 on operating revenues of $93.5 million, a wire service reports.
That performance compares to net income in 2000 of more than $16.6 million on operating revenues of $83.9 million, according to the railroad’s annual report. Those earnings reflected federal grants of $14.4 million in 2000 compared to grants of $2.6 million in 2001.
The railroad’s 2001 performance included healthy freight and real estate operations, corporation officials said.
“In keeping with the railroad’s run on success, 2001 was a banner year,” board chairman Johne Binkley said. “With 2001 financial statement’s reflecting record freight and real estate revenues, the railroad’s fiscal successes and past accomplishments will serve as a springboard to move into new frontiers.”
Although it is owned by the state, the Alaska Railroad receives no state funding. The 535-mile (856-km) railroad, which runs from Fairbanks to Seward, was built by the federal government and transferred to state ownership in 1985.