SMRT Trains Lost $86 Million In FY2018, Citing Lower Ridership And Fare Revenue Beleaguered train operator SMRT Trains posted a whopping $86 million post-tax loss, according to its annual operations review report released on Sunday (2 Jul). This comes after turning a profit of $26 million last year. To put this figure into context, $86 million divided by 365 days in a year, would give you a staggering loss of $235,616.44/day. Source To make matters worse, Singapore’s train dilemma is now clearly a lose-lose situation. Commuters continue to bear the brunt of train delays, disruptions, early closures and late openings, while SMRT Trains does not enjoy their time in the red. Is the loss due to revenue dips or spikes in costs? The answer is unfortunately, both. SMRT Trains’ revenue dropped from $791 million to $743 million, while operating expenses reportedly rose from $785 million to $838 million. Reasons for less riders A stark drop in ridership was attributed to the opening of the Downtown Line extension, and the emergence of private-hire car services. These were the reasons given by SMRT Trains to explain a reduction in revenue. Multiple service disruptions on the North-South Line, due to reduced service times to install […]
6 years ago
