CIE is to sit down with the National Transport Authority to discuss fare hikes for next year.
Yesterday, the company published its annual report, which showed journeys across Bus Éireann, Dublin Bus and Irish Rail fell to 229 million last year - down by almost three-and-a-half million on 2011.
CIE suffered a deficit of more than €43m which was offset by pension adjustments and a one-off subvention of over €36m.
Spokesperson Barry Kenny said no figure for fare hikes across its services have been set, but they are due to sit down with the NTA to discuss the issue.