Metro posts operational loss of Rs 210 crore in 6 months
By S Lalitha | Express News Service | Published: 04th January 2017 01:59 AM |
BENGALURU: Bangalore Metro Rail Corporation Limited’s unaudited financial results for the half year period between April and September 2016 reveal an operational cash loss of Rs 22 crore and an overall operational loss of Rs 210 crore.
This is despite net operational income soaring by 300% when compared to the unaudited figures for these six months in 2015.
The results were made public after they were approved during a board room meeting held at New Delhi on December 28. A signed statement by BMRCL Managing Director Pradeep Singh Kharola stated the results had been reviewed by the audit committee and approved by the Board of Directors of the Company and a limited review has been conducted by the company’s statutory auditors.
According to a top BMRCL official, “The overall income from operations for six months up to September 2015 has touched Rs 51.16 crore as compared to 13.27 crore in the corresponding period in September 2014.”
The jump in revenue by four times is due to the commencement of operations along the entire East-West Corridor (Baiyappanahalli to Mysore Road) on April 30 after the underground corridor was opened for commercial operations, he said. This stretch alone is used by an average of 1.3 lakh commuters daily. The other line between Nagasandra and Mantri Square Sampige Road transports between 35,000 and 40,000 passengers daily.
The financial results reveal an operational loss of Rs 210.43 crore. “This includes a depreciation amount of Rs 18,838.5 lakh,” the official said. The comparative operational loss figure during the first half of financial year 2014-2015 stood at Rs 139.71 crore,” the official added.
The overall cash loss works out to Rs 22.4 crore, he said. “After the completion of Phase 1, the minimum footfall expected is 5 lakh riders. When that happens, our cash loss operational figures will be wiped out,” the official said.
Meanwhile, revenue from non-fare revenue was almost on par. The income stood at Rs 7.53 crore for the six-month period in 2015 as compared to Rs 7.55 crore during the corresponding period the previous year. Employee cost stood at nearly Rs 29 crore up to September 30, 2016, the results said.