The government wrote off NZ$1.3 billion in debt acquired by the company from the Railways Corporation (mainly for the electrification of the North Island Main Trunk, a Think Big project), and injected a further $300 million in capital. Despite this capital injection, the company remained only marginally profitable, reporting after-tax profits of $36.2 million in 1992 and $18 million in 1993. The Railways Corporation retained ownership of the land beneath the railway tracks and yards, which New Zealand Rail paid $1 per year to lease.