LTA incurs $1b deficit in bus contracts

The LTA collected $912 million in operating income but expenditure came up to $1.925 billion, resulting in a shortfall of some $1 billion - about 50 per cent higher than five years ago.
The LTA collected $912 million in operating income but expenditure came up to $1.925 billion, resulting in a shortfall of some $1 billion - about 50 per cent higher than five years ago.PHOTO: ST FILE

SINGAPORE - Public bus operations have incurred "losses" amounting to $1 billion, as fares fall far below the cost of government contracts awarded to transport firms such as SBS Transit and SMRT.

In its latest annual report, the Land Transport Authority (LTA), which awards these contracts, posted a deficit of $1.013 billion for the 2018/19 financial year.

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