Lower costs help Metrovías narrow Q1 losses

Buenos Aires' subway operator Metrovías saw first quarter net losses narrow to 3.06mn pesos (US$1.07mn) from 8.05mn pesos in 1Q04, the operator reported to the country's securities regulator (CNV). Revenue fell 5.15% to 35.6mn pesos due to a 4.5% drop in passengers to 74.2 million and operating losses narrowed to 1.33mn pesos from 6.89mn pesos in the first quarter of last year due to lower operating costs. In 2004, the company posted a 267,626-peso net loss, compared to a 1.15mn-peso net loss the year before, and moved some 270 million passengers. Metrovías said it expects to continue the renegotiation of its concession contract. The operator is a division of local infrastructure and services company Clisa. Five underground lines and one surface stretch make up the 46.8km metro system.