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Saturday, 21 February 2015

Singapore is having transport fare hike despite more than 50% increase in profit.

In first world countries like Norway, Finland, Japan etc… their citizens uses a transport pass. It’s peg to the salary of the citizens and allows you to travel unlimited either per month or per quarter. Only in Singapore, we pay per trip because it’s “cheaper” according to the “affordable” government.

The truth is in 2014, transport operator SBS Transit has a 62% increase in third quarter net profit to S$5.75 million. This revenue climbed 13.6% to S$248.6 million, when compared to a year ago.

Similarly, SMRT has a 58.4% rise in net profit for the fiscal third quarter and earned S$22.5 million in the three months ended December, up from S$14.2 million in the same period a year ago.

Group revenue increased 6.8% to S$313.2 million, outstripping total operating expenses which is only S$295.9 million. There is also an increase in operating profit from train operations to S$3.2 million from S$0.4 million a year ago.

SMRT managed to increase operating profits from rental business by 11.8% to S$20.7 million, mainly due to higher rental renewal rates of commercial spaces which resulted in incidents such at Bukit Batok rats’ infestation.

Now, we are going to face another fare hike soon and more than half of our fellow Singaporeans uses public transport.

Not only our public transport earns profit and private transport is the most expensive in the world, the PAP claim COE is good but it did not ease the traffic congestion we face daily at all. Singapore is the only country with COE and after paying 3 billion, pathetically, we can only drive it for 10 years.

60% of Singapore voted for the PAP to come up with the ERP system which collects about $200 million each year.
Which is why the SMRT CEO says "People can board the train, it is whether they choose to."
Even the PAP candidate says "Well, everybody has a car, we have two".

How has the PAP transport minister actually helped Singapore?

Wanna vote for PAP?
Or #VoteOutPAP