THE holding company for Northern Ireland's public transport service has announced pre tax profits of £6.9 million sterling, down from £8.2 million in 1994-95.

The Northern Ireland Transport Holding Company (NITHC) said the fall in profits was mainly due to the increase in bus fuel duty and group funding of railway projects.

Turnover for the three companies in the group rose by just over 6 per cent, from £84.8 million to £90 million. There was a 1 per cent increase in passenger journeys, from £86.6 million to £87.4 million.

The contribution was made up of a £3.2 million profit from NITHC, a £4.4 million profit from Ulsterbus/Citybus, and a loss of £700,000 by Northern Ireland Railways.

Investment in infrastructure and equipment totalled £33.5 million, and included £13.8 million for the upgrade of the cross Border rail link.