Yarra Trams and V/Line were both hit with record fines for poor punctuality in the December quarter, while Metro missed its train cancellation target for the fourth month in a row in February.

Regional operator V/Line was slugged with a $2.07 million fine for excessive train delays, while Yarra Trams was fined $551,000 – a record quarterly penalty for operator Keolis Downer Rail, which took over running the network in late 2009.

Metro's fourth straight failure to meet its reliability target will again trigger compensation payments to eligible ticket holders.

Public Transport Victoria reported in its quarterly bulletin Track Record, published on Friday, that on-time performance in the December quarter deteriorated on all modes of transport – Metro and V/Line trains, trams and buses.

Only Metro escaped a penalty, receiving a $135,000 incentive payment.