CJG writes

Where did you get that figure from? LU's published accounts for
2002/2003 show an operating loss of GBP105.5million.

Well give an accountant enough time and a £500m loss quickly becomes
just £100m loss.

Ooh you cynic! ;-)

I can't tell you where I got my figures from.
However a quick check on a randomly picked news web-site gives up this
story.

http://news.bbc.co.uk/1/hi/england/london/2945575.stm

Last Updated: Wednesday, 23 July, 2003, 15:13 GMT 16:13 UK
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London Underground has made a loss of £420m over the last year, new
figures have shown.

There's a *big* difference between GBP420million and GBP500million...
GBP80 million in fact!

What the BBC have done (for some strange reason) is to remove the cost
of depreciation and deduct the value of grants paid to LU.

It's odd that the BBC have chosen to extract certain items from the
generally accepted operating profit/loss value. If you do that you
might as well say that LU made an operating loss of GBP1664.3million,
before any kind of income.

--
Dave