Alaska Railroad reports 2002 as profitable year

Posted: Wednesday, April 02, 2003

ANCHORAGE - The Alaska Railroad says 2002 was a profitable year despite a drop in revenue.

Profits at the state-owned railroad totaled $8.9 million on revenue of $105.7 million. That was an increase of 35 percent from the $6.6 million profit in 2001.

At the same time, revenue was down from $107.3 million.

Railroad president and chief executive Pat Gamble and other executives began the year targeting a profit of $4.2 million, according to Johne Binkley, chairman of the railroad's board of directors.

Total operating expenses last year were $92.3 million, down from $96.1 million in 2001, according to the railroad's 2002 annual report. Part of that included a hiring freeze.

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