Moving people, enhancing profits

SMRT's new motto : Moving People, Enhancing lives Profits

Do you know how much profits Singapore's public transport arm SMRT earned last year? S$135, 790,000, that's pure profit after taxes etc... That's a 31% increase from 2006. Not sure if the increase came from the fare hike last year based on higher operating cost. But looking forward that we have more schemes to catch/deter fare cheats and the fact that it was announced today SMRT plans to add 700 extra train trips a week, costing it S$5m annually. That's 3.7% of your profits last year. So to maintain that margin, we probably would see a corresponding or more in increases likely to come. As you know how the usual Singapore entities functions - you complain, they deliver and you Pay And Pay!

So it was indeed not surprising to see comments such as this :

However, a few commuters were concerned that fares would go up with the increased trips.

Err..what you expect..things for free?

Reading their annual reports, its really their goal to move forward

Established in 1987 and listed on the Singapore Exchange
in 2000, SMRT has a market capitalisation of more than
$2.0 billion backed by total assets amounting to $1.4
billion. Our annual turnover stands at $743 million.
In our core transport business, we are committed to
offering a safe, reliable and friendly travel experience on
our trains, buses and taxis supported by retail amenities
conveniently located within our stations. In our non-fare
business, we aim to grow our diversified revenue streams
from our taxi operations, rental of commercial spaces,
advertising, operations and maintenance services,
project management and engineering consultancy.
As we celebrate our 20th Anniversary, we hope to make
life fuller and better for all we serve by opening up
a world of opportunities to them through our varied
business and community initiatives.
With SMRT, I Can.

So do note it never mentioned affordable..just safe, reliable and friendly. So with SMRT, I Can ...expect nothing but fare hikes, inconsistent arrival times, etc!

Interesting to note, I have been to Tokyo since 2000, I noticed their subway fares never increased till last year 2007...incredible..maybe SMRT should hire those people.