SBS in the red
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SBS's profit was $19 million but thanks to $47 million govt compensation because of NEL.
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SBS cash position increased from $40+ million to $84 million due to the LESS OF BUYING BUSES.
In fact, they did not buy any bus other than VSO. -
i would say SBS will turn out a loss if they do not buy 200 more single decks to replace the Mark 2s that have to go in bathces from Mar 2005 to er....maybe apr 2006.
no new bus means bus freq go down.. mena sless ppl take SBS ..means SMRT make huge money and buy nice low floor buses =x
ZYX -
Is this a strong and valid reason for a fare raise this May? Doubt govt would compesate SBST with $47m each year.Originally posted by th1988:SBS's profit was $19 million but thanks to $47 million govt compensation because of NEL. -
Clear some doubts
The $47.3 million was to compensate SBS for the late operatiobs of the NEL by 7 mths. So the $47.3 million is one time off.
Otherwise, their full year is -$28.3 million -
What is the director payoff? Perhaps minus off the director fees, SBST might back into black.
How much did Mr Goh Chee Wee received from Comfort last year? -
This is infuriating.
Few years ago before ezlink and higher fare prices, their profit was $20-$40 million (can't remember which).
Now with higher fares, their freaking profit is $19million??
Something is wrong somewhere.
How much is NEL exactly losing?!?!!! -
i wonder.. an accountant friend of mine said that the "losses" that caused one of the increases were nothing but paper losses from the bus companies' foray into the property market.. where they got burnt...
and in the next year, after the increase, they suddenly showed an obscene profit... which they were very quiet about..
now, we're supposed to "subsidise" their idiocy of running a MRT line which no one wanted with increase in bus fares?
nowhere else is there such a racket.. -
Why the hell don't they set up another company just for playing property. Peabrains.
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why? when you can "subsidise" the losses with the profits of another... you can pay less tax.. and with the set up of how the bus companies are run, and the PTC in their back pocket, a raise in fares will result...
where else in the world can you get such a sweet deal?Originally posted by Parka: Why the hell don't they set up another company just for playing property. Peabrains. -
It wont really solve the matter.Originally posted by Parka: Why the hell don't they set up another company just for playing property. Peabrains.
In anyway, any losses might be absorbed by parent company.
They have to juggle focus and diversification.
Else, we might end up with another Enron, which I see signs of it now..... -
unbelievable... raising prices, insisting NEL need to be expensive to cover their losses, and SBST increasing fare prices as well as using EZ link to catch people who used to pay 60 cents and yet report losses??? i think they will never make any profits until we folks go broke... 
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They will definitely use this as an excuse to raise fares.
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Commentary on Profit Before Tax (PBT)
Full Year 2003 vs Full Year 2002
Group PBT for the year ended 31 decembere 2003 declined by 40.9% or $17.7m to $25.7m compared to $43.4m for the corresponding period last year. PBT for the Transport Business decreased by 64.8% or $13.4m to $7.3m mainly due to the lower bus fare revenue as a result of SARS outbreak and rationalisation of bus routes, restructuring costs, write-down of rail development costs and rail revenue being insufficient to cover the operating expenses. These were partially offset by lower bis operating costs and a payment for rail commissioning costs from LTA. PBT for Advertisement Business of $13.2m was 31.55 or $6.1m lower than last year due to weak market conditions and keen competition. Other income of $5.1m was 54.9%or $1.8m higher than last year mainly due to rental incomefrom the lease of commercial space in North-East Line (NEL) MRT and Sengkang LRT stations, offset by lower investment income.
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If they keep different accounts for both rail and bus, it may not justify an increase in bus fare. Should bus commuters cross subsidised trains passengers???
From its fanancial report, there is an increase of 41% in fuel cost to $54 638 000, SBST must not use that as an excuse to up bus fare! On the other hand, it should expain why is there a 92.6% jump in 'Others Operating Expenses' to $101 808 000 and what constitutes 'Others Operating Expenses'!!!
We must pre-empt any moves by our monopolised bus companies to up their bus or train fares.
Companies are now riding along better economic sentiments to up their charges. MCDS might again to propose its earlier failed increase in entry to Public Swimming Pools. -
Thanks to government?Originally posted by th1988:SBS's profit was $19 million but thanks to $47 million govt compensation because of NEL.
SBST had written down $51 million on 'Development Costs', what had SBST written down? SBST was shortchanged by $4 million? -
Yes,
Thanks to the one time off payment of $47.3 million because of the late op of NEL.
Otherwise, profit is -$28.3 million -
if take away the depreciation and other non-cash items, u would be surpriseOriginally posted by the Bear:i wonder.. an accountant friend of mine said that the "losses" that caused one of the increases were nothing but paper losses from the bus companies' foray into the property market.. where they got burnt...
and in the next year, after the increase, they suddenly showed an obscene profit... which they were very quiet about..
now, we're supposed to "subsidise" their idiocy of running a MRT line which no one wanted with increase in bus fares?
nowhere else is there such a racket.. -
THen should we have a separate train and bus account?Originally posted by th1988:Yes,
Thanks to the one time off payment of $47.3 million because of the late op of NEL.
Otherwise, profit is -$28.3 million -
conclusion :
NEL is a resource waster. buses are old and frequently need maintanace. costs incurred
best if they buy more new busea dn sell off the oldies.
however i do foresee that NEL loads will pick up soon. just like the MRT line. the line is yet 1 years old.
next:
raise fares in may 2004
if they do i make sure i pay 80 cents for every trip using cash. and as for the NEL i will most certianly aviod that train system.
ZYX -
No we can't, SBS is a company running bus and NEL togetherOriginally posted by iamgoondu:THen should we have a separate train and bus account? -
But you can't ask bus commuters to cross subsidise train passengers, right?Originally posted by th1988:No we can't, SBS is a company running bus and NEL together
And it would not justify a bus fare increase, as all variables remains the same, except for another 1%gst absorbtion. -
Why don't SMRT buy over NEL......Long term prospects seem good.
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haha they are the TALENT what so they get more pay lor... even when company is not making money. haha nothing new lah.. why worker have to their wages to be competitive and find job?? when top management will be talent scouted and pay HIGHER to attract them?? coz they are the TALENT lor.. what to do they are the TALENT cos the top management said so lor.... Opps isnt them the same group of ppl?? haha.....Originally posted by iamgoondu:What is the director payoff? Perhaps minus off the director fees, SBST might back into black.
How much did Mr Goh Chee Wee received from Comfort last year? -
anyone see the trend???
long long ago....
1) non aircon bus. we enjoy lor.. then suddenly they say, we give better service so we give u air con now.. no increase in fare one... but after a while... sorri hor.. we need to increase fare already coz HIGHER operating cost hor...
2) non aircon interchange. we enjoy lor.. then suddenly they say, we give better service so we give u air con now.. no increase in fare one... but after a while... sorri hor.. we need to increase fare already coz HIGHER operating cost hor...
3) paying by coin lor. we enjoy lor.. then suddenly they say, we give better service then u can board and alight faster.. no increase in fare one... but after a while... sorri hor.. we need to increase fare already coz HIGHER operating cost hor...
4) MRT with driver. we enjoy lor.. then suddenly they say, we give better service, high tech one no driver can save on salary, .. no increase in fare one... but after a while... sorri hor.. we need to increase fare already coz HIGHER operating cost hor...
if we have real competition here... u see how many will still take sbs bus lor... -
In Singapore its hard for people to avoid taking public transport if they want to get from place to place. not many people own cars and hence, these people take the train or bus to school or work daily. People also take public transport in the weekend for leisure activities.Originally posted by I-like-flings(m):here... u see how many will still take sbs bus lor...
So in other words, its hard to boycott public transport services unless you own a car. But too bad youngsters like me are not qualified to drive a vehicle of any kind. Thus, we have no choice but to take the train or bus to get around Singapore. U cant expect us to ride on taxis right?