Like the government, SMRT is extremely desperate to increase revenue.
SMRT has now gone to the extent of disclosing ‘fake’ figures to hoodwink the public that fares need to be increased.
These are its key financial and operating data in a Today report:
However, these figures contradict those in its FY2016 annual report (below), eg profit after tax and minority interest stood at $109.3 million, not $81 million.
In the FY2016 annual report, revenue was broken down into ‘rail’ and ‘non-rail’. In its latest disclosure, there was no breakdown.
If ‘revenue’ was referring to the total revenue, SMRT ought to explain the $485 million discrepancy, ie current FY2016 figure of $811 million vs $1296.6 million in its FY2016 annual report. (SMRT annual reports)
Has SMRT been broken up into different companies, ie rail and pow chiak retail business?
If not, SMRT should also disclose the performance of its other businesses.
Over to you SMRT.