SMRT, as we all know, operates the North-South MRT Line (NSL) and the East-West MRT Line (EWL). Even though SMRT has bus and taxi revenues, the majority of SMRT’s revenues come from MRT/LRT operations, and the great majority of SMRT’s profits come from operating the Rapid Transit System (RTS).

SMRT has a 30-year licence to operate the NSL and EWL. By global standards, its rail operations are massively massively profitable. Because the bus routes in Singapore to date have been designed to be “feeder systems” to channel passenger traffic through the RTS, the MRT/LRT system is therefore the ‘backbone’ of Singapore’s public transport system. As such, this, combined with an uncontestable 30-yr licence gives SMRT a virtual monopoly on its routes.

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