As title says, if you wish to F Raymond Lim for his irresponsible out of the mouth comments, there must be evidence before we start F-ing them.
So for a start, I went to SMRT website and read through their various press releases.
http://www.smrt.com.sg/news/News.asp?N_YYear=2008
http://www.smrt.com.sg/SMRT APPLIES FOR FARE ADJUSTMENT.pdf
On the 1st August 2008, SMRT has submitted its application for fare adjustment to the Public Transport Council (PTC).
Under this application, there were various reasons.
Please read PDF pt 4, pt 5
4. Even a maximum fare adjustment will not fully mitigate cost increases due to an inflationary and higher operating cost environment. For FY2008, SMRT’s energy cost increased 18% to $89.7 million due mainly to higher electricity and diesel prices. Of the $89.7 million, electricity cost accounted for $47.5 million, an increase of 19% compared to FY2007. Diesel costs for bus operations amounted to $42.2 million, 17% higher than last financial year. Besides higher electricity and diesel costs, SMRT fully absorbed the increase in GST by two percentage points.
5. Given the pressure on costs for fuel, the operating environment continues to be challenging. Crude oil prices increased 62% to US$125 per barrel from a year ago. As a result of the sharp hike in diesel prices, bus operations posted losses of $3.3 million in the first quarter of FY2009. In addition, prices of electricity which is used in our train operations, has gone up. The current contracted electricity rate is up almost 15% compared to the previous contract which ended on 31 March 2008.
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Pt 4, 5 were two of the few reasons as to why SMRT submitted their applications for fare increase or fare adjustment they call it.
So Raymond Lim is rather clueless when he made those comments. I think maybe he didn't read carefully SMRT's reasons for fare increases, that is why he didn't know what to comment.
So for a start, I went to SMRT website and read through their various press releases.
http://www.smrt.com.sg/news/News.asp?N_YYear=2008
http://www.smrt.com.sg/SMRT APPLIES FOR FARE ADJUSTMENT.pdf
On the 1st August 2008, SMRT has submitted its application for fare adjustment to the Public Transport Council (PTC).
Under this application, there were various reasons.
Please read PDF pt 4, pt 5
4. Even a maximum fare adjustment will not fully mitigate cost increases due to an inflationary and higher operating cost environment. For FY2008, SMRT’s energy cost increased 18% to $89.7 million due mainly to higher electricity and diesel prices. Of the $89.7 million, electricity cost accounted for $47.5 million, an increase of 19% compared to FY2007. Diesel costs for bus operations amounted to $42.2 million, 17% higher than last financial year. Besides higher electricity and diesel costs, SMRT fully absorbed the increase in GST by two percentage points.
5. Given the pressure on costs for fuel, the operating environment continues to be challenging. Crude oil prices increased 62% to US$125 per barrel from a year ago. As a result of the sharp hike in diesel prices, bus operations posted losses of $3.3 million in the first quarter of FY2009. In addition, prices of electricity which is used in our train operations, has gone up. The current contracted electricity rate is up almost 15% compared to the previous contract which ended on 31 March 2008.
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Pt 4, 5 were two of the few reasons as to why SMRT submitted their applications for fare increase or fare adjustment they call it.
So Raymond Lim is rather clueless when he made those comments. I think maybe he didn't read carefully SMRT's reasons for fare increases, that is why he didn't know what to comment.