Luas operating firm cuts loss on increased revenues

The French firm that operates the Luas tram increased revenues despite having dropped 12 days because of an industrial dispute.

New accounts show that Transdev Dublin Light Rail Ltd increased revenues by 1% to €31.2m as it slashed its pre-tax losses by 42% to €350,358.

It had a loss of €24,369 before interest, tax, depreciation and amortisation.

It carried 34.2m passengers — or 90,000 a day — last year, compared to 34.6m in 2015.

The dispute with Luas drivers was resolved after the sides agreed to a Labour Court recommendation involving a productivity agreement that will see pay increases rising by up to 18.3%, in a deal lasting to September 2020.

The company said a timetable change had helped it secure the revenue increase and that it had cut losses through cost-cutting.

In the only reference to last year’s strike action, the directors said it had caused “significant business disruption”.

Staff numbers last year increased from 288 to 292, and staff costs rose from €14.7m to over €14.5m.

The directors were paid €305,735 in 2016, up from €273,710 in the previous year.

The €368m Luas Cross City link, which is scheduled to open next weekend, is expected to increase passenger numbers by 10m a year.

The Green Line, which currently runs from Brides Glen to the city centre, and the Red Line from Saggart first opened in 2004.