U.T.A.'s High Losses
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THE Ulster Transport Authority had a
1 trading loss of £514,520 in the year ending September 30 last—compared with £306,736 for the year 1961-62. Loan repayment and interest charges of £123,099 brought the deficit for the year to £637,619—an increase of just under £200,000.
The figures are given in the 15th annual report of the authority, which pointed to the heavy blizzard of February last year and increased labour costs as the main factors for the deterioration in trading results.
A breakdown of the trading losses showed that rail services were down £508,999-, road passenger services by £76,963, and road freight services by £25,561—bringing the loss in all transport services to £611,523.
The chairman said they were "very disappointed" about the conversion of a road freight profit of nearly £100,000 the previous year into a loss of £25,000. But the U.T.A.'s overall position this year was already showing some improvement. "We are determined to accept the challenge thrown down to us by the Government to make the undertaking viable."