Record revenues in the Las Vegas Valley's taxicab industry means there won't be a fare hike anytime soon, the Taxicab Authority ruled Tuesday.

The authority opted to keep fares as they are during its annual review of rates after hearing the valley's 16 cab companies had a combined net income of $30.3 million last year, an all-time high and an increase of 32 percent from 2004, according to state data.

And 2004's $28 million in combined net income was up a staggering 144 percent from 2003.

Meanwhile, valley cabs cumulatively charge the eighth-highest average fare among the nation's 23 largest cab markets. On a five-mile trip with five minutes' wait time, the average fare is $14.75 plus tip, according to a Schaller Consulting study.

"It appears that the industry is more than healthy," said authority administrator Richard Land in recommending against a fare hike.

The industry's last permanent fare hike was in May of 2005, when the "drop" -- or charge for simply entering a cab -- was permanently set at $3.20. That included a 20-cent fuel surcharge that had been in place since late 2004.

Passengers are then charged at a rate of $2 per mile and about 36 cents for each minute waiting. Pickups from McCarran International Airport are charged an additional $1.20.

The $3.20 "drop" is the highest such charge among the cities studied by Schaller.

Most cab companies agreed with holding the line. The exception was A Cab Co., which asked for a 25-cent hike in the "drop."

Despite the healthy revenues, cabdrivers for years have argued a growing number of cabs on valley streets means there are many more drivers competing for slightly more riders, resulting in falling wages despite growing owner profits.

The median cabdriver's salary in Las Vegas was $26,400 in 2004, according to Bureau of Labor Statistics records provided by the authority.

Also on Tuesday, the authority rejected any consideration this month of a fuel surcharge, despite gasoline prices that are hovering around $3 per gallon. At the time the current fare structure was set, administrators said it could absorb gas prices of up to $3.25 per gallon.