from the annual report, passenger trips have increased 11% from 2002 – 389.7m to 434.9m. However, car kilometres operated dropped from 81.4m to 77.1m. SMRTC has been aggressively cutting costs by cramming as much as people into each train and reducing frequencies since 2004, to maximise shareholder value.
You can download SMRT’s annual report here.
This shows that the more crowded trains aren’t just an illusion of grumpy commuters. Average operating car occupancy rose by more than 10% between 2002 and 2007.
Railway EBITDA per car kilometre, a measure of profit, rose by more than 10% as well between 2002 and 2007. Total car kilometres had dropped, but by only about 5%, so overall their profits rose.
You know that someone is lying through his teeth when he uses the phrase ‘quantum leap’.