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Your MONEY: Union rails against train profits.

Byline: Edited by CLINTON MANNING

NATIONAL Express sparked a row by announcing plans to axe 100 jobs despite making bumper profits.

The bus and train company made pounds 79million - an 18 per cent leap - in the first half of this year. It also boosted the dividend pay-out to shareholders by 7.5 per cent. But bosses still wanted to cut costs by pounds 11m. Profits at the train division, including Silverlink, Central Trains, Gatwick Express and c2c, leapt 43 per cent to pounds 28.7m despite a pounds 10m rise in energy costs and pounds 7.5m on failed bids for new train franchises.

RMT leader Bob Crow said: "Privateers like NatEx are feathering shareholders' nests at the expense of passengers and our members, converting subsidies from the taxpayer and over-the-odds fare increases into fat profits."
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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Jul 27, 2007
Words:136
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