This is untrue. Tokyo Metro is one of the largest systems by ridership in the world, and operates at a profit. It does have sizable capital investments that take years to pay down.
This also completely ignores the halo effects of these systems that vastly increase the economic output of the region. This is why it is often logical for the state to pay for the system, since the costs are centralized and the profits are distributed.
This also completely ignores the halo effects of these systems that vastly increase the economic output of the region. This is why it is often logical for the state to pay for the system, since the costs are centralized and the profits are distributed.