We’ve by now all grown used to the shiny blue MyCiti busus, the glass stations, and the special strips of red tarmac especially reserved for them. The service, which has been running now for almost two years, was reported this morning to be running at a loss.

So far, the City of Cape Town has spent approximately R175 million on the project, while only a mere R35 million has been generated so far. This puts the loss to date at approximately R140 million.

The highest expense at thus far has been the stations, including their revenue collection, which is costing the city R55 million. Upkeep and maintenance of buses is setting the city back another R43 million, with overheads (including lights and fuel) costing R39 million.

The city has said that in spite of the massive loss thus far, the service is a “social project that will benefit the poor and improve the quality of life for all citizens”. A spokesperson for the mayor has said that the project is receiving funding from the national transport department, which will relieve the burden placed on Cape Town taxpayers.

Hopefully as the network expands and more routes are added, more people will begin to use the service.

[Source: Fin24]