Singapore’s public transport conglomerate which own Singapore Bus Service (SBS), ComfortDelgo, has posted a record S$67.6 million profit in the three months ended March. This result is 5% better than the same quarter a year ago.
The record profit posted is built by higher revenue from public buses, public trains and taxis. Train ridership for the North-East line increased by 5.2% to 526,000 rides per day while the new Downtown Line 1, Punggol LRT ridership grew by a whopping 24.1% to 67,000 and Sengkang LRT ridership grew by 13.3% to 95,000 rides a day. ComfortDelgro said they expect revenue to rise further following the rise in ridership and public transport fares.
In April 5 last month, the Singapore Government approved a 2 to 5% increase in public fare.
Do you think it is ethical of the Singapore Government to allow public fare to increase while public transport operators like ComfortDelgro post record profits?