History
The monorail's construction was initiated by Hitachi, Ltd., but the 1997 East Asian financial crisis led to cessation of work in December 1997. When work was resumed in July 1998, MTrans Holdings took over, locally manufacturing its own rolling stock and completing the project to save cost; the line was completed at a cost of MYR 1.18 billion. As the line was opened in 2003, it was agreed that the parent company and owner of the Monorail Line, KL Infrastructure Group, would hold a 40-year concession to operate the monorail. The line and number of stations remains unchanged since 2003.
Since the start of the Monorail Line's operations, the KL Infrastructure Group suffered losses due largely to depreciation and interest repayment costs. For the financial year to 30 April 2004, KL Infra posted a net loss of MYR 46.24 million on a MYR 15.08 million revenue. KL Infra had also taken up a MYR 300 million Malaysian government loan and a MYR 260 million infrastructure loan from the Development Bank of Malaysia (Malay: Bank Pembangunan Malaysia, BPM). In addition, KL Infra had proposed to buy MTrans' three subsidiary companies to improve its business, but failed after the Scomi bought up some of the targeted companies.
Read more about this topic: Kuala Lumpur Monorail
Famous quotes containing the word history:
“In the history of the human mind, these glowing and ruddy fables precede the noonday thoughts of men, as Aurora the sun’s rays. The matutine intellect of the poet, keeping in advance of the glare of philosophy, always dwells in this auroral atmosphere.”
—Henry David Thoreau (1817–1862)
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)
“... in a history of spiritual rupture, a social compact built on fantasy and collective secrets, poetry becomes more necessary than ever: it keeps the underground aquifers flowing; it is the liquid voice that can wear through stone.”
—Adrienne Rich (b. 1929)