Costs and Financial Results
As of 2007, the total cost of Porto Metro mass transit public transport system stands on 3,500 million euros - over 1% of Portugal's GDP. The first phase of the project alone, which was led by the mayors of several Grande Porto (Greater Porto) municipalities including Valentim Loureiro as a chairman of the state-owned company, was 140% more expensive than initially planned which means a slippage of over 1,500 million euros. The Porto Metro state-owned company has reported losses every year, reaching a record loss of 122 million euros in 2006.
Read more about this topic: Porto Metro
Famous quotes containing the words costs, financial and/or results:
“To exercise power costs effort and demands courage. That is why so many fail to assert rights to which they are perfectly entitled—because a right is a kind of power but they are too lazy or too cowardly to exercise it. The virtues which cloak these faults are called patience and forbearance.”
—Friedrich Nietzsche (1844–1900)
“Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
—Ambrose Bierce (1842–1914)
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)