Public transport operator SBS today (Feb 5) reported a S$1.02 billion in revenue from the collection of public transport fares. This is 7.7% higher than 2014 and the profits were built on declining oil prices and increased ridership from the country’s population increase. The stock-exchange listed monopoly distributed S$8.3 million in dividends at $1.05 cents per ordinary share, however, only S$2.8 million in taxes were paid.
You may download the report here.
Although SBS and SMRT received S$1 billion taxes in 2012 under the government’s Bus Services Enhancement Scheme (BSEP), the two companies have remained silent on whether to returning the money to the public after they turned profitable. Internally, the two companies have also refused to increase salaries of bus drivers, which range below S$1,700 in basic salaries or in the bottom 20th percentile of income in Singapore. Currently, Singapore’s train network continues to be plagued with monthly train breakdowns but lesser Singaporeans are complaining as more have since lowered their expectations from Singapore’s public transport.
The Land Transport Authority and the newly-appointed Transport Minister have been silent over the profitable financial reports of the two Temasek Holdings-owned SBS and SMRT, although the Singapore government refused to admit that the profits have been privatised while losses were nationalised. Members of Parliament have also avoided the topic of profits from public transport, as the CEO of Temasek Holdings is the wife of the country’s Prime Minister.