Luas operator revenues for 2019 hit €43.5 million
By Maurice Garvey
NEWLY-filed accounts for the operator of the Luas show that revenue hit €43.5m in 2019 compared to €38.7m in 2018.
Transdev Dublin Light Rail said its earnings declined in 2019 because salaries at the company rose faster than the consumer price index.
Luas operator Transdev recorded revenues of €43.5 million
The increase is attributed to the inclusion of a new maintenance contract the company secured towards the end of 2019.
The maintenance of the Luas infrastructure had previously been undertaken by the Irish arm of French firm Alstom, which also manufactured the Luas carriages.
The Luas business made a loss of almost €2.6m before interest, tax, depreciation and amortisation during the year. That compared to a loss of just over €2m the previous year.
“The decrease is predominantly due to salaries increasing at a higher rate than CPI [Consumer Price Index] in 2019,” directors of the company noted.
“Salaries are paid in line with the Labour Court recommendations, whereas there was no growth in CPI during the year. Costs also increased in line with increased revenue under the new operations and maintenance contract which started in December 2019, which includes the addition of maintenance and security staff.”
The company was awarded a new six-year operations and maintenance contract for the Luas at the end of 2019, with an option to extend the contract for an additional five years.
Luas carried 48.3 million passengers in 2019, compared to just over 41 million in 2018.
Passenger numbers on the Luas, Dart and Intercity services plunged by more than 60 per cent during March and August last year.
In 2017, the €368m, 5.9km Luas Cross City extension opened, adding to the existing Green Line, connecting the Red and Green lines, while there are plans to further extend the network to Charlestown in Finglas.
By subscribing to The Echo you are supporting your local newspaper Click Here: Echo Online.
TAGS Business
