Profits at state-owned Dutch Rail (NS) fell to €281m last year from €337m in 2007 although the number of passengers went up by just over 4% in the same period.

The drop in profit is the result of higher personnel costs, said Dutch Rail.
Last year’s increase in passengers is below the government’s annual growth target of 5%, says the Telegraaf.
Dutch Rail is gloomy about 2009’s results. It expects passenger numbers to fall because of the economic climate and lower returns from station restaurants.