Luas operator profits slide despite more passengers

A record year for the Luas in 2014 was not enough to prevent pre-tax profits at its French-owned operator declining by 34% to €872,270.

According to returns just made to the Companies Office, Transdev Dublin Light Rail Ltd sustained the drop in profits from the structure of its new five-year €150m contract with the Rail Procurement Agency.

As a result of the new billing structures in place in the contract, which commenced last year, revenues at Transdev decreased by 15% to €48.8m in 2014.