The report, tabled in state parliament on Tuesday, said the loss was incurred because Metro no longer received additional government funding of $3.25 million as revenue in the statement of profit or loss, but rather as an equity contribution

The after tax loss was $1.36 million.

Metro board chairman Michael Harris said he was positive about the future of public transport.

“As a result of increased service utilisation, ticketing income increased to $12.6 million, equating to approximately 24 per cent of Metro’s income,” he said.

“Major expenses continue to be employee wages and salaries, fuel, maintenance of the fleet, and infrastructure upgrades.”

Mr Harris said Metro was pleased to reach another milestone in its major fleet upgrade in April, with the first fully Tasmanian built Bustech bus off the Elphinstone production line.

“Metro’s investment has created fantastic opportunities for our advanced manufacturing partners in the North West and we trust the community shares our pride that the new buses are being built in Tasmania, by Tasmanians, for Tasmanians,” he said.

“These vehicles will allow Metro to meet Disability Discrimination Act 1992 requirements and provide 100 per cent of services with a low floor bus by 2022, as well as significantly reducing the average age of our fleet, allowing Metro to operate more efficient, reliable services.”