Edinburgh Trams lost almost £450,000 in 2014 – less than expected due to higher than predicted passenger numbers.
Three million people used the trams, following the launch of the service at the end of May 2014.
Bosses estimate it will take three years for the trams to make a profit.Meanwhile, Lothian Buses said it carried 118 million passengers in 2014. The record figure allowed it to pay a dividend of £5.5m to its public sector owners.
Lothian Buses generated revenue of £135.3m last compared with £132.3m in 2013. It resulted in profit after tax of £8.24m (£8.58m in 2013).
Edinburgh City Council is the bus firm’s major shareholder.The trams began operating on 31 May last year after six years of disruption and cost increases.
READ MORE: Edinburgh Trams lost almost £450,000 in 2014