Han River Bus Records Over 10 Billion Won in Cumulative Losses by End of Last Year... "Profit Expected by 2029"

104 Billion Won Loss Recorded from June 2024 to End of Last Year
Plan to Operate Total of 12 Vessels... Profitability Expected by 2029

It has been revealed that the Han River Bus recorded cumulative losses exceeding 10 billion won from the end of June 2024 to the end of last year.

The Han River bus entering the Han River during the inaugural ceremony on September 17 last year. Photo by Dongju Yoon

According to the financial statements of the Han River Bus operator disclosed on the Financial Supervisory Service's electronic disclosure system on April 14, the cumulative operating loss from June 26, 2024, to the end of last year amounted to 10.45 billion won, while the net loss for the period was 16.12 billion won.

SH, which holds a 51% stake in the Han River Bus operating company, explained, "Although some have raised questions about the business viability, these losses are attributed to the large-scale capital investment required in the initial phase, such as shipbuilding and establishing docks."

SH stated, "The losses reflected in the financial statements were anticipated as part of building the nation's first waterborne public transportation network," adding, "All debt borrowed by Han River Bus was used entirely for the construction of essential operational assets, including vessels, ferry terminals, docks, and business facilities. Such debt accumulation is typical in large-scale infrastructure projects."

SH further noted, "Since the first operation began on September 18, 2025, the actual operating period has not even reached three full months, so the annual fare revenue and income from ancillary businesses such as food, beverages, and advertising have not yet been fully realized."

SH projected that if Han River Bus proceeds to take delivery of additional vessels and ultimately operates a total of 12 ships, while enhancing operational efficiency and improving its cost structure, the company is expected to turn a profit by 2029.

When full operations resumed in March this year, more than 62,000 passengers boarded the Han River Bus in that month alone. As of April 14, more than 32,000 people have used the service this month. While last year's average monthly ridership was about 27,000, passenger numbers have risen sharply this year. With this increased demand, both fare revenue and ancillary business sales have grown, and the installation of outdoor electronic billboards, one of the main revenue sources, has been completed.

Hwang Sangha, President of SH, stated, "The current financial statements reflect initial infrastructure investments such as vessel acquisition and the expansion of citizen safety facilities. Based on this year's marked increase in demand, gradual financial improvement is expected. We will continue to support the successful establishment of waterborne public transportation as a part of citizens' daily lives."

This content was produced with the assistance of AI translation services.