On October 23rd, Taiwan Railways Corporation (TRC), formerly known as Taiwan Railway Administration, held a press conference in Taipei to unveil its operational projects and financial overview. The corporation is projecting a loss of NT$7.4 billion for 2024, followed by an estimated loss of NT$8.7 billion in 2025.

In reports by various Taiwanese media outlets, including Central News Agency, Commercial Times, and Economic Daily News, it was highlighted that the transition of the Taiwan Railway Administration to a state-owned enterprise, TRC, officially took effect on January 1st of this year. The aim of this corporate reform is to address the longstanding financial losses, yet this goal seems unlikely to be met within the two-year timeframe.

Chairman Du Wei of TRC stated on October 23rd that high depreciation costs are the primary reason for the ongoing losses, according to accounting records. Furthermore, following a 14% increase in electricity prices for industrial users across Taiwan, the company anticipates an additional NT$456 million in expenses this year, which may lead to a fare hike after the Lunar New Year in 2024.

As for the numbers, TRC reported that its passenger revenue for the first nine months of this year totaled NT$12.985 billion, reflecting an increase of NT$736 million compared to the same period last year. The average daily ridership reached 642,000, marking a 10.15% rise year-on-year.

In recent news, there has been public outcry concerning salary increases for high-ranking officials at TRC. Reports indicate that the salaries of the Chairman and General Manager have risen by over NT$50,000 compared to before the restructuring, while the pay for frontline employees saw a modest increase ranging from NT$1,800 to NT$3,140, stirring debate in the island’s media.