YOURSAY | ‘If the fares don’t cover operations, something is very wrong.’
Four MOF Inc public infrastructure firms record losses in 2023
V S: These four public infrastructure firms are the same government-linked companies (GLCs) that have made losses over many years since their inception.
The directors and CEO would have been paid handsome salaries and perks for doing just about nothing to solve these issues, as they are all ignorant political appointees.
At least not to burden the taxpayers, they should have found ways to break even. But then, why bother when the Finance Ministry takes up the burden? Wonder what the audit report says?
BrownSinga7958: The fares should cover all operational costs with a small profit.
The capital costs and interest should not be included, as this should be covered by the taxes we pay. Happens in every country.
If the fares don’t cover operations, something is very wrong. This may mean overstaffing and unproductive labour.
Observer from space: Public transport companies are losing money?
No additional carriages for LRT, MRT, BRT and KTM. Totally inefficient service due to lackadaisical maintenance. No safety measures.
LRT is jam-packed, worse than sardine cans during peak hours. No one is monitoring the number of passengers in view of safety.
KTM is as slow as a snail. Go and learn from Singapore, and stop whining that they are a small country compared to us.
China is just as efficient as Singapore. It’s not the size but the will of the government to serve its people.
These companies can’t continuously be in debt.
Mano: Prasarana Sdn Bhd, Mass Rapid Transit Corporation Sdn Bhd, KTM Berhad and Jambatan Kedua Sdn Bhd.
Please list the names of the CEOs of each company named as well as the remuneration package for the CEO and the other board of directors.
RedRaven6070: The trusty GLC – the government’s very own retirement home for sidelined politicians who might cause a scene if left unattended.
It’s like a cosy little club where “problematic” former officials are gently tucked away, so the ruling party can enjoy the peace and quiet.
Who needs productive roles when you have a cushy seat in a GLC, right?
Perfect way to keep the “troublemakers” on a short leash while looking like you’re doing something useful!
PurpleCat9452: GLCs are expected to outperform government departments in terms of profitability and effectiveness – otherwise, there would be no justification for corporatisation or privatisation.
Taking the initiative to organise Corporate Improvement Programme meetings for companies that fail to meet at least 80 percent of their KPIs is an expected responsibility.
However, what taxpayers really want to hear are the outcomes of these meetings: What resolutions were made, and when can we expect to see a turnaround?
BlueCougar1744: There should not be involvement of GLCs to avoid abuses and losses, which the country has to shoulder.
The total cost of investments must be determined over 10 years, and a return on investment must be established.
Year in and year out, we receive negative news about this and the ballooning of our debts.
We do not need fancy projects. If big projects are burdens, rid them.
MarioT: Public infrastructure projects are mainly to benefit the people and usually are non-profit-making and may even incur losses in the maintenance of these vital services.
What we are concerned about are GLCs that scrounge on the government with no apparent purpose or benefit to the nation, but mainly exist due to strong political connections.
Coward@MarioT: Not only that, they shouldn’t be making a loss. We expect them to balance their books.
For me, any loss is the government hiding deficits and responsibility inside the private companies’ structure.
Freethinker: Finance Ministry-related companies are generally not meant for profit-making, but for developments that benefit the people.
If the company suffers losses due to such initiatives, it’s understandable.
But if the losses were due to incompetence or worse, due to criminal elements, it needs to be investigated.
Open minded 2281: KL MRT and LRT will do better if the government has the will to impose tolls for driving into the city.
All major cities do that, and you see traffic jams coming down and becoming more efficient.
However, politicians do not like to make unpopular decisions and therefore work for themselves rather than the country.
Optimus: What’s new? With politically linked or former politicians as directors and low-quality management, all with fat salaries, reports of GLCs making losses play like a broken record, and are expected to do so for years to come.
And countless bailouts using taxpayers’ money will be the norm.
Knucklehead: Indeed. We, the taxpayers, keep footing the bill for a cushy life of top management with exorbitant pay – year after year -while results remain invisible.
If there’s no measurable improvement, the management team must go. Professional audits against set KPIs are not optional.
Enough of paying for stagnation while life goes on!
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