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[h=2]SMRT raises taxi fares – taking taxi could cost 30% more[/h]
December 13th, 2013 |
Author: Editorial
(Photo SMRT)
SMRT announced that it will be raising its taxi fares of Mercedes and multi-seater cabs from Monday (16 Dec) onwards.
Distance fares of its Mercedes-Benz, London, Hyundai Starex and Ssangyong Rodius cabs will go up to 30 cents for every 400m travelled for up to 10km, every 350m after 10km and 45 seconds of waiting time.
Previous rates was 22 cents.
This meant that the cost of trips in these cabs could increase by at least 30% compared to existing fares and also what some competitors charge.
SMRT said the changes were to “keep pace with current rates in the industry”.
There are about 30 types of cabs in Singapore, with more than 10 different flagdown fares, three different metered fare structures, more than 10 different types of surcharges and eight types of phone booking charges.
Fares have been increasing due to the increase in taxi rental rates. Operators said the higher rental rates is due to higher COE prices which they need to pay the Govt to acquire new taxis.
However, in industry source said, “The increase in COE translates to only about $10 per day per cab over its seven-year lifespan. Rental rates for many cabs have gone up from less than $120, to $135 or more per day – even for cabs bought with much lower premiums.”
Last month, SMRT announced that its 2Q operating profit for FY2014 declined 50.7% to $20 million even though its group revenue rose 5.3% to $296.3 million [Link].
SMRT said that it was due to operating expenses increased by 15.8% to $285.8 million, mainly becasue of higher staff, repair and maintenance (R&M) and depreciation costs.
Net gearing stands at 58% compared to 8% as at 31 March 2013 with borrowings of $625.8 million.
Non-fare business maintained growth with a 10.9% increase in profit, driven by higher taxi, rental and advertising profit.
For SMRT’s taxi business, its EBIT (Earnings before interest and taxes) actually rose 55.1% with higher taxi rentals.
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SMRT announced that it will be raising its taxi fares of Mercedes and multi-seater cabs from Monday (16 Dec) onwards.
Distance fares of its Mercedes-Benz, London, Hyundai Starex and Ssangyong Rodius cabs will go up to 30 cents for every 400m travelled for up to 10km, every 350m after 10km and 45 seconds of waiting time.
Previous rates was 22 cents.
This meant that the cost of trips in these cabs could increase by at least 30% compared to existing fares and also what some competitors charge.
SMRT said the changes were to “keep pace with current rates in the industry”.
There are about 30 types of cabs in Singapore, with more than 10 different flagdown fares, three different metered fare structures, more than 10 different types of surcharges and eight types of phone booking charges.
Fares have been increasing due to the increase in taxi rental rates. Operators said the higher rental rates is due to higher COE prices which they need to pay the Govt to acquire new taxis.
However, in industry source said, “The increase in COE translates to only about $10 per day per cab over its seven-year lifespan. Rental rates for many cabs have gone up from less than $120, to $135 or more per day – even for cabs bought with much lower premiums.”
Last month, SMRT announced that its 2Q operating profit for FY2014 declined 50.7% to $20 million even though its group revenue rose 5.3% to $296.3 million [Link].
SMRT said that it was due to operating expenses increased by 15.8% to $285.8 million, mainly becasue of higher staff, repair and maintenance (R&M) and depreciation costs.
Net gearing stands at 58% compared to 8% as at 31 March 2013 with borrowings of $625.8 million.
Non-fare business maintained growth with a 10.9% increase in profit, driven by higher taxi, rental and advertising profit.
For SMRT’s taxi business, its EBIT (Earnings before interest and taxes) actually rose 55.1% with higher taxi rentals.
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