What makes the transport companies think that it is their god damn right to make millions in profits every year? And when profit is not enough, they simply apply to the LTA to raise fare? Is it a business that guarantees them profit year after year? Is there a business that has such a privilege status? Pow chiat business!
If they cannot make decent profit they should not be in the business and let someone else runs it. Don’t give the crap that they are answerable to the shareholders. They are answerable to the commuters too. Just because they are privatized, they can claime shareholders interests as the number one priority. Have they paid back the huge infrastructure cost of constructing the lines from public money?
In whatever guises, it is a public transport system and has a national duty to keep transportation cost low and to run efficiently. Making profit is secondary. The most important thing is that it is not running at a loss. For the last 10 to 20 years, how many billions have the transport companies been making, at about $200m to $300m annually?
It is time they think of the interests of the nation and the commuters. No business has a god damn right to be profitable year after year. Allow real competitors to run alternative routes and break down this monopoly.