Bangalore (Metro Rail News): The Bangalore Metro Rail Corporation Limited (BMRC) has suffered a net cash loss of Rs 55 crore in 2019-20 compared to Rs 29 crore the previous year. This is after paying interest on loans of Rs 108 crore in 2019-20.
However, the net accounting loss is pegged at Rs 598 crore during 2019-20 compared to Rs 498 crore in the previous fiscal. This is mainly due to the depreciation charges of Rs 584 crore for Phase 1 assets in 2019-20.
The loss for the current financial year (2020-21) is likely to be much higher since Metro remains shut for 158 days (since March 22). As the service was not operational for only nine days (March 22-31) during 2019-20, the impact was minimal.
The corporation has reported a reduction in non-fare box revenue: Rs 42 crore in 2019-20 compared to Rs 47 crore the previous year. “This is mainly due to loss of revenue owing to the ban on outdoor advertisements and reduction in rental income from property development in March 2020 due to the lockdown,” an official said.