The Irish subsidiary of Transdev, the French-owned company that operates Dublin's Luas service, suffered more than €600k in pre-tax losses in 2015, according to accounts just filed.

That was prior to the 12 days of strike disruption suffered due to an industrial dispute between Transdev and Siptu-linked drivers earlier this year.

It was resolved in June when drivers voted in favour of Labour Court recommendation that gave them pay increases of 18%

Transdev Dublin Light Rail’s losses were reported despite a 6% increase in passenger numbers in 2015 to a record 34.6 million, the eighth successive year of rising customer numbers.

Revenues fell by 36% to €30.9 million for the year.

The losses and lower revenues arose principally from a change in terms to the company’s operating contract with the National Transport Authority, which the company's directors referred to as of a "more challenging nature".

They stated:

"Under the previous contract with the Rail Procurement Agency, the company recognised revenue and related costs for certain maintenance services gross whereas under the terms of the revised contracted revenue and related costs are now reported net, resulting in a decrease in revenue and cost of sales."

The under-construction Luas Cross City, which will join the green and red Luas lines, is expected to lift passenger numbers by 10m annually.