To address the shortfall, the company reduced staff numbers this year by 220, 170 of which were voluntary redundancies.
However Dublin Bus has said that economic conditions 'continue to be extremely difficult' in 2009.
Revenue still remains 97% less than 2008 despite the fact that the company implemented a 7% increase in fares.
The company had a deficit of €100m before a Public Service Obligation payment of €85m was received from the State.
During 2008, the company spent €32m on the purchase of 100 new buses, more than half of which was paid for by the Exchequer.
Dublin Bus lodged its accounts in the Companies Registration Office in recent days.
