Bus and train fares could possibly see 7 per cent increase next year

[kobayashiGT]

Bus and train fares could possibly see 7 per cent increase next year

Bus and train fares may go up by up to 7 per cent next year as the Public Transport Council (PTC) begins its annual fare review exercise.

If approved, this would be the highest fare increase in recent years.

The fares could go up by 10 cents, the maximum increase that can be allowed under the current fare formula, a measure implemented from 2018 to the year 2022.

According to a statement released by the council earlier today (September 3), transport operators must submit applications regarding proposed fare increases.

As per a Straits Times report, the PTC said that the largest contributing factor to the potential fare hike was the double-digit increase in energy prices, which rebounded 26.2 per cent in 2017, and 32.3 per cent in 2018.

A drop in energy prices between 2015 and 2017 saw a combined 8.3 per cent reduction in fares during that time, though last year saw a 4.3 per cent increase in fares.

“Over the last five years, the gap between costs and fares has been widening. This gap has, thus far, been funded by the Government together with the rail operators,” said the PTC.

In July, Transport Minister Khaw Boon Wan said the Government is currently subsidising more than 30 per cent of public transport operations, and that higher fares are necessary to keep these subsidies in check.

The council’s decision on the fare adjustment quantum will be announced in the last quarter of this year.

Last week, Transport Minister Khaw Boon Wan announced the possibility of extending the intervals between trains during off-peak hours of the day.

The longer wait times are part of efforts to better match demand and supply, and also help to reduce unnecessary wear and tear on the system.

Cost-efficiency is another key area of focus, Mr Khaw said, adding that new efforts and initiatives by SMRT and SBST have led to total savings of more than S$25 million. /TISG

[BanCoe]

PTC Happy lah!!  Economy doing belly well!! , PTC like Bell Weather for operators for profit  

[Tianmo]

[Kusje]

We had this news just 2-3 weeks ago. Huat ah!

https://www.straitstimes.com/singapore/transport/comfortdelgro-2q-earnings-inches-up-12-to-759m

Quote

SINGAPORE - Transport giant ComfortDelGro Corp posted a 1.2 per cent rise in earnings to $75.9 million for the second quarter, with higher public transport takings and contributions from new acquisitions offset by lower investment income, higher financing charges and unfavourable exchange rates.

The Singapore-based group lifted revenue 4.2 per cent to $980.8 million in the three months to June 30 while operating costs went up by 4.1 per cent to $865.8 million.

Net profit for the half year was 3.5 per cent higher at $146.3 million.

Earnings per share for the second quarter stood at 3.51 cents, up from 3.47 cents a year earlier. Net asset backing per share was 118.83 cents, from 120.7 as at Dec 31, 2018.

Margin before tax, interest and depreciation improved to 22.6 per cent, from 22 per cent in the same quarter last year.

The firm has declared an interim dividend of 4.5 cents, up from 4.35 cents last year.

Chief executive Yang Ban Seng said: "Despite an intensely competitive operating environment and growing global economic uncertainty, we continued to grow the business in the second quarter of this year.

This was largely due to the strong contributions from the new businesses that we acquired last year and robust growth of the public transport services business."

Mr Yang said ComfortDelGro has been "exploring new avenues of growth through technology-driven businesses".

"Whilst not immediately profit-accretive, these strategic tie-ups are crucial in ensuring that we position ourselves for the future," he noted.

 

[Tohto]

Recession coming and may have very low or no increments for 2020 for many.

Public transport increase 7%.

PAP 万岁

Edited September 4, 2019 by Tohto

[Ichibawa]

Now they tell you may increase 7%. When finalized they will say increase 3% then claim that they had done their best to mitigate. 

[RogerNg_185295]

Cost of living gonna go up again. Why must an essential public service make so much money?

To me this is morally not correct. The nation has a duty to provide affordable essential services to its citizens. Wanna make more money? Make those foreigners pay more .

[Ichibawa]

Time to cycle to work lor..... cost of car ownership increase... cost of public transport increase... 

[RogerNg_185295]

2 hours ago, Ichibawa said:

Now they tell you may increase 7%. When finalized they will say increase 3% then claim that they had done their best to mitigate. 

Then their supporters will praise them saying they did a good job? Otherwise the increment could be higher?

[inlinesix]

3 hours ago, Kusje said:

We had this news just 2-3 weeks ago. Huat ah!

https://www.straitstimes.com/singapore/transport/comfortdelgro-2q-earnings-inches-up-12-to-759m

 

57% of that revenue comes from overseas.  Group revenue increase by 39.7m of which 41m is from Australia.

YOY operating profit 17m.  I could assume 4m is contributed by these new revenue.

[inlinesix]

3 hours ago, Tohto said:

Recession coming and may have very low or no increments for 2020 for many.

Public transport increase 7%.

PAP 万岁

Currently, fare is calculated based on formula which is available to general public.

It is up LTA/MoT to accept or reject this revision.

Hui Ge already indicated that he will accept a revision.

[inlinesix]

11 minutes ago, Ichibawa said:

Time to cycle to work lor..... cost of car ownership increase... cost of public transport increase... 

Currently, maximum fare is 2.08 with EZLink card.  A 7% upward revision would be 15cents/trip from Punggol to Tuas West.  

That would translate to $6.60/mth additional cost (based on 22 working days).

How many of us are paying 2.08 now?

Mai tok kok about cycle to work.  In the end, still LL drive to work.

😂

[inlinesix]

27 minutes ago, RogerNg_185295 said:

Cost of living gonna go up again. Why must an essential public service make so much money?

To me this is morally not correct. The nation has a duty to provide affordable essential services to its citizens. Wanna make more money? Make those foreigners pay more .

Govt has been subsidising your bus fare under bus contracting model.

In fact, govt is paying more than what they received under bus contracting model.

[Kb27]

To reduce demand for public transport, we have to INCREASE the fare.

Just like everything else.

And yeah, you voted for it.

[RogerNg_185295]

7 minutes ago, Davidtch said:

Govt has been subsidising your bus fare under bus contracting model.

In fact, govt is paying more than what they received under bus contracting model.

It's their duty to subsidise its own citizens. 

[inlinesix]

1 minute ago, RogerNg_185295 said:

It's their duty to subsidise its own citizens. 

Have you feedback to ALL the relevant parties?

No point tell me.  I am not Hui Ge

[Ichibawa]

18 minutes ago, Davidtch said:

Currently, maximum fare is 2.08 with EZLink card.  A 7% upward revision would be 15cents/trip from Punggol to Tuas West.  

That would translate to $6.60/mth additional cost (based on 22 working days).

How many of us are paying 2.08 now?

Mai tok kok about cycle to work.  In the end, still LL drive to work.

😂

 Actually I have been really thinking about it just that I have been procrastinating for a long while... need a push factor but dunno if this is strong enough to really push through.... lol

[Enye]

wah...going to ask my boss for a 7% raise this year

if not i will run to work

😅