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Yangon Region government took a loan of Ks-eight billion from Ayeyarwady Bank as it had no sufficient money to buy 1,000 new buses, according to an audit report submitted by Khin Than Hla, Yangon Region Auditor General for 2016-2017 fiscal year, at the session of Yangon region parliament on September 14.
On behalf of Yangon Region government, the Yangon Urban Public Transportation Public Co., Ltd (YUPT) bought 1,000 new Chinese-made buses at a price of Ks-77 million a bus through coordination between Yangon region government and the Chinese government.
The Ks-70 billion contributed by Yangon Region government is not enough to buy buses. The region government allocated 500 buses each to the YBPC (Yangon Bus Public Company) and the Yangon Urban Public Transportation Public Co., Ltd (YUPT), she added.
According to the figures in late May, a total of 25 bus lines including two public companies of the region government are operating 119 bus lines with 6,272 buses daily.
The accounts of the YUPT and the YBPC for the 2016-2017 FY were checked by the external auditors. But the YUPT and the YBPC for the 2017-2018 FY have not been checked by external auditors. According to the financial statements and the summary financial statements submitted by respective companies, the YBPC made Ks-49.344 million in losses in 2015-2016 FY, Ks-1092.520 million in 2016-2017 FY and Ks-2938.939 million in 2017-2018 FY. In addition, the YUPT generated a profit of Ks-25.541 million in 2016-2017 FY and made Ks-603.079 million in losses in 2017-2018 FY.
“The YBPC and the YUPT are making efforts to provide better services to commuters. The region government has not generated profits on its investment before reaching break-even for the newly-purchased buses,” she added.
The Yangon Region Auditor General called for the regular maintenance of buses, the enforcement of rules and disciplines, the extension of new bus lines and minimizing losses.
Source: Eleven Myanmar
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