The Kaohsiung Rapid Transit Corp (KRTC) is facing an operational loss of NT$2.2 billion (US$72.3 million) in its first year after its Red Line was inaugurated on March 9, the chief executive officer of the corporation said on Thursday.
KRTC CEO Fan Chen-po (范陳柏) said in an interview that passenger volume on the Red Line had reached 100,000 rides per day and that after the Orange Line becomes operational in August, the volume carried by the MRT system is expected to increase to about 180,000 passengers per day.
“Eventually, we will need 450,000 rides per day for our corporation to balance its books,” Fan said, adding that it might take six to eight years for that to happen.
As a result, he said, the KRTC will need to request help from an NT$6.56 billion intervention fund set up by the Kaohsiung City Government.
According to a contract between the KRTC and the city government, after one year of operation, the KRTC can request up to 20 percent of the available fund to help make up for its losses, subject to approval by the city government.
Fan also said the KRTC would need to increase its revenues by leasing commercial space in the 38 MRT stations to businesses and selling advertising space, in addition to asking the corporation’s original shareholders to increase the paid-up capital.
The Red Line is 28.3km long and has 23 stations. It runs from Kaohsiung’s Siaogang District (小港) to Chiaotou (橋頭) in Kaohsiung County.
The Orange Line will be 14.4km long with 15 stations and will run from Hsitzuwan (西子灣) in western Kaohsiung to Daliao Township (大寮) in Kaohsiung County.
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