Singapore transport operator SBS Transit saw its year end 2016 profit went up by a whopping 88% after ripping off Singaporean commuters. The transport company posted a S$31.4 million after huge savings up to 27% on declining oil prices lower fare prices, and also a lucrative S$5.32 billion bailout from Singaporean taxes.
SBS Transit’s profits from fare prices are fixed by the government agency Public Transport Council, which only lowered fare prices by 1.9%. Oil prices at that time has tumbled over 30% but fare prices did not reflect the decline as it is in the government’s vested interests to protect profits for the crony state corporation.
Despite increasing train breakdowns, SBS Transit seeing soaring profits is sign that the Singapore pubic transport system is corrupted by corporate greed. The Public Transport Council did not comment on SBS Transit’s profits and as of press time, do not intend to decrease fare prices.
In the government bailout, the unprofitable assets portion are nationalised while the profitable operation management part of the public transport system are managed by SBS Transit and SMRT.