The question however, is why does a public transportation network need to be a profit making business?
In any industry where the public sector provider has been replaced by a private sector provider, an element of profit now has to be generated on top of the revenue balance before. This is, unfortunately, usually accomplished by bringing in people on much worse terms and conditions (see hospital cleaners for example).
The other problem with making a public service a private business is that the focus moves from areas of low overall demand but real need, such as rural buses, onto saturating high value routes in urban areas where they can cream off the most profit. That's just how capitalism works.
The only part of the UK showing an increase in bus use since privatisation was the TfL area, which still operates much more as an old Passenger Transport Executive than a free market.