Although the entity in charge of constructing and managing the metro rail in Dhaka earned substantial revenue, it encountered a loss exceeding BDT 520 million last year, which was entirely allocated to the company's operational costs. The Metro Rail Line-6 project is underway, preventing DMTCL from recognizing ticket sales revenue. In the audit report for the fiscal year 2023-24, ticket sale proceeds were categorized as a liability rather than being acknowledged as revenue.
DMTCL representatives announced that the MRT Line-6 initiative will be finished by 2025. At present, the costs of the project, comprising loan repayments, interest, electricity charges, licensing fees, and all other operational expenses related to the metro train, are covered by the project itself. Consequently, the audit report did not detail the total funds spent on metro rail operations in the previous fiscal year. When the project ends, the company will have control over all assets, liabilities, debts, and comprehensive data on the income and costs of running the trains.
Multiple representatives from the organization informed Bonik Barta that DMTCL is expected to continue incurring losses even after the project's completion. The reason they mention this is the overseas loan acquired for the project. To build Dhaka's first metro rail, a loan of BDT 197.18 billion was taken from the Japan International Cooperation Agency (JICA), and DMTCL is tasked with repaying it. Repayments for the loan began in 2023 and are financed through the project's costs. This loan is scheduled for repayment over 30 years, with the average yearly payment, not including interest, approximately BDT 6570 million. For the organization to achieve profitability, it must generate more than this annual sum from the Uttara-Motijheel-Kamalapur metro line. The loan repayment for MRT Line-6 will persist until the 2061-62 fiscal year.
Dhaka's inaugural metro rail commenced commercial operations on December 29, 2022. At first, the metro train operated between Uttara and Agargaon, stopping at multiple stations along the way. On November 4, 2023, the train commenced its service from Uttara to Motijheel, and by December 31, 2023, it began halting at every station.
As per DMTCL's audit report, the organization generated BDT 182.8 million in ticket sales during the 2022-23 fiscal year following its launch. In the subsequent year of 2023-24, DMTCL generated BDT 2.4391 billion. During its initial two fiscal years, the organization generated BDT 2.62.19 billion from operating the trains. Conversely, DMTCL's operating expenses for the previous fiscal year totaled BDT 521.9 million, with a significant portion allocated to staff salaries and allowances.
Despite significant revenue earnings, Mohammad Abdur Rouf, Managing Director of DMTCL, attributed the losses in the last fiscal year to the incomplete status of the project. He explained to Bonik Barta: "Our project is still ongoing. We are currently in an interim phase. We are earning some revenue from ticket sales, which we have mentioned in the audit report as part of our business transparency. However, we have not yet received the project's full assets and liabilities. When it's completed in 2025, all the assets and liabilities will come under the company. Then, the company will account for income, expenses, and profit. There are many calculations regarding assets, liabilities, and government loans. The current balance sheet has been prepared accordingly."
Regarding operational costs, he said, "Right now, we are paying the electricity bill from the project's funds. When the project is finished, the company will handle it. DMTCL is paying the salaries. Loan repayments are also being made from the project. But when everything comes under the company, we must manage it from its funds." He expressed optimism that although the loan repayments are being made from the project's funds, the metro's earnings will cover these expenses.
In addition to MRT Line-6, DMTCL is working on four more projects. Among these is MRT Line-1, which is being implemented for BDT 539.77 billion. This will be Dhaka's first underground metro rail with two routes. The route from Dhaka's airport to Kamalapur will be entirely underground, while the route from New Market to Purbachal will have both underground and elevated sections. Additionally, DMTCL is implementing the MRT Line-5 Northern Route project for BDT 412.38 billion. This metro route includes elevated and underground sections and is being built between Hemayetpur and Vatara. JICA loans are funding the projects for MRT-1 and MRT-5 Northern Route. The organization is also implementing two technical assistance projects for MRT Line-5 Southern Route and MRT Line-1.