Yes, railroads are rarely profitable. It's usually a investment which you recover in the form of greater mobility and economic opportunities it brings. What happens in US/UK is that after years of pumping money into the project and cutting scope in desperate attempts to finish it it becomes impossible to recover it in any form because it simply doesn't move enough people. Government sees it as a failure and is reluctant to invest in other projects. Without continuity private companies can't plan long term and focus only on one project trying to get as much money out of it as possible. And the cycle continues...