Merseybus Transport turns cash into profit
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• Merseybus Transport, the former PTE operator which is owned by the local Passenger Transport Authority, has recorded a nett profit on its first 18 months of business since the company was formed in October 1986.
The financial report for the 18 months to 31 March 1988 shows an operating loss of 20.5 million, with total operating income from all sources put at £71.2m with operating costs of £71.7m. A small nett surplus of £0.3 million was achieved by adding nett income of investments of £0.2m, and an extraordinary item of income of £0.6m.
Merseybus financial directoi Mike Kelly says: "The investment of cash balances enabled us to earn nett interest of £0.2m and reduced the loss oi ordinary activities to £0.3m. We were also able to review the funding which was made available to us on deregulation and bring into credit another 20.6m which turned the loan into a small surplus."