HCMC Urban Railways No. 1 Company (HCMC Metro) posted nearly VND104 billion in ticket sales, according to its financial report.

But since its establishment in 2019 to date, the state-owned firm’s accumulated loss has risen to VND177 billion.

Customers wait to board the Ben Thanh Suoi Tien metro in HCMC, December 2024. Photo by VnExpress/Quynh Tran

CEO Le Minh Triet said the company is still processing payments for service orders, so figures in the first-half financial report do not fully reflect revenue, as some payments were only settled in September and October.

“The losses, which are only temporary, have caused difficulties for the company at certain times,” he told VnExpress Thursday.

He, however, expressed confidence that bottlenecks will be resolved and this year’s targets will be achieved.

HCMC Metro eyes a revenue of VND578 billion this year and a pre-tax profit of VND20 million.

It started operating Ben Thanh – Suoi Tien, the first metro line in HCMC, in December 2024, with ticket sales beginning January this year.

The line runs 20 kilometers, linking downtown with the eastern part of the metropolis. It was completed after a 12-year construction with an investment of VND43.7 trillion.

After nearly a year, the line has operated 73,310 trips, serving 17 million passengers.

Per-trip tickets range from VND6,000 to VND20,000, while monthly tickets can cost up to VND300,000.