Macau New Era accumulates losses of MOP1.46 million

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Bus operator Macau New Era accumulated losses of MOP1.46 million during the fiscal year of 2014, which was the first year of operation of the company. New Era was founded in April 2014 to take over the bus service from bankrupt Reolian Public Transport. The results, which consider the period from 30 April to 31 December 2014, were announced yesterday in Macau’s Official Gazette. During this time the company generated MOP147.3 million in revenues and spent MOP83.6 million on human resources (including a 5 per cent increase for workers), MOP56 million on other operating costs, and MOP9 million in depreciation and amortization. The company also explained that during 2014 it had to acquire 35 extra buses for a total cost of MOP29.5 million, which increased its fleet from 245 to 280 buses. Concerning the expenses related to the takeover from Reolian the company paid MOP96.7 million to acquire the infrastructure and fleet to the Macau Government and paid an extra of MOP19.7 million in order to compensate the former workers of Reolian, as established in the agreement with the Macau Executive.