Profits fall at Luas firm despite passenger hike
A RECORD year for the Luas in 2012 was not enough to prevent pre-tax profits at its French-owned operator last year declining by a quarter to €1.39m.
Veolia Transport Dublin Light Rail Ltd sustained the dip in profits in spite of record passenger numbers of 29.4 million, but blamed "increased administrative costs" for the fall.
Passenger numbers on the Luas last year increased by 300,000 and this contributed to revenues at Veolia Transport increasing by 8pc to €53.4m in the 12 months to the end of December last.
A Luas extension linking the Red and the Green Lines, due in 2017, is expected to generate an extra 10 million passengers in a full year.
The figures filed to the Companies Office show that Veolia Transport's pre-tax profits dipped to €1.39m.
The filings also confirm that the company paid a dividend of €1.68m last year.
The accounts show that Veolia Transport employed 288 at the end of 2012 – an increase of three on the 285 employed at the end of 2011.
The directors state that the firm's earnings before interest, taxation, depreciation and amortisation was €1.56m compared with €2.025m in 2011.