Government-owned transport operator SBS Transit posted a record S$81.3 million profit, thanking the corrupted Singapore government for the 7% fare hike imposed last year.
This profit is an increase of 1.5% over the previous year’s S$80.1 million, and S$47 million in 2017 and S$31 million in 2016. The profit over the past five years totals S$239 million, making SBS Transit the most profitable public transport company in the world.
SBS Transit however said that it is still not making enough money and another round of fare hike is required:
“The ongoing refurbishing of the trains of the North-East MRT Line (NEL) and Sengkang-Punggol LRT will push up repair and maintenance costs. More money will be needed to replace its fleet of ageing buses and trains, as well as invest in ongoing predictive maintenance to improve service reliability.”
Transport Minister Khaw Boon Wan is silent on the obscene profits of SBS Transit. The 67 year old millionaire minister is retiring in this year’s election and currently on a holiday mood ignoring public interests.