13 Jul '11, 3am

Transport fare hike: Our reader says SMRT and SBS Transit should use profits to cover operating costs. #Farehike

WHAT is the justification for public transport fare increases as yesterday's front-page article reported ('Transport operators seek fare increases')? SMRT and SBS Transit have announced profit increases over the past three years and they could have used these profits to cover the increase in operating costs. From their respective annual financial reports, the profits after tax for the SBS Transit group of companies from financial year 2008 to 2010 are about $40.6 million, $54.6 million and $54.3 million respectively. And the profits for the SMRT group are $149.9 million, $162.7 million and $162.9 million respectively. SMRT recently announced its latest profit after tax of $161.1 million. Although these figures do not reflect the real amount earned from their bus and rail operations, it is generally representative of the overall picture as the bus-and-rail area of operation...

Full article: http://www.straitstimes.com/STForum/Story/STIStory_689994...

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