Asia woes batter NZ operator

Tranz Rail Holdings, New Zealand's leading domestic transport operator, has been hit hard by Asia's economic downturn, suffering a 26.2 per cent fall in revenue on coal exports and a 5.7 per cent drop in forestry products.

As a result, profits dropped 20 per cent to NZ$48.2 million (about HK$189.9 million) in the year to June 30, from $60.6 million last year.