SBS Transit’s fantastic profits didn’t stop PTC from raising bus and train fares from end of year

SBS Transit’s fantastic profits didn’t stop PTC from raising bus and train fares from end of year

According to the latest annual report of SBS Transit, it’s profit had been climbing exponentially in the last few years:

Its operating profit last year was $59.3 million, more than 2 times of that in 2015. Profit attributable to shareholders hit nearly 3 times of that in 2015 at $47.1 million last year.

In the first half of this year (2018), operating profit was already $44.3 million (75% of whole of last year’s) with profit attributable to shareholders at $36.2 million (77% of whole of last year’s).

Yet, the good financial news of SBS Transit did not stop PTC from announcing that bus and train fares will rise by 6 cents per trip starting from the end of this year (‘Bus and train fares to rise by 6 cents per trip from Dec 29: PTC‘). It is predicted that SBS Transit will observe a S$10.9 million increase in fare revenue as a result of the fare hike.

The fare hike is largely contributed by the new component in the fare review calculation which takes into account the investment into the public transport infrastructure by LTA, such as the purchase of new buses and development of new train lines.

SBS Transit run by another scholar from SAF

Incidentally, SBS Transit is majority owned by ComfortDelGro.

The CEO of SBS Transit is a former SAF man, Gan Juay Kiat.

Before joining SBS Transit, he was Chief Corporate Officer at the Ascott Group, Senior Vice President (Corporate Planning) at CapitaLand Limited, Senior Vice President (Retail & Distribution) at Times Publishing Limited and Divisional Director at General Electric.

He started his career in the SAF where he held several senior command and staff appointments. In 2016, he was awarded the Medal of Commendation by NTUC for his contributions to the promotion of harmonious labour-management relations.

Gan, who was a President’s Scholar and an SAF (UK) Scholar, holds a Bachelor of Arts (Engineering Tripos) from the University of Cambridge, United Kingdom.

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