October 05, 2008

$1 billion profit, so electricity tariffs raised 22%

Gerald Giam said:

SP Services has announced that it has raised electricity tariffs 21.89% from 1 Oct to 31 Dec 2008. The Online Citizen's Leong Sze Hian has pointed out that SP Services' parent company, Singapore Power Ltd, made a profit of $1.086 billion in 2007. I checked out their website and indeed this is true.

They made over $1 billion in PROFITS and they are increasing tariffs by 22%! And all this when oil prices are actually decreasing.

Recommended by at82: "No wonder they can earn $1 billion profit..."

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Submitted by at82 on October 02//6:42pm and published by Mr Miyagi, tinkertailor :: 5379 reads | trackback
Comments 10

The ministers still need their bonuses what with the economy stinking at the moment and Temasek making paper losses on their investments..

Posted by oh well..* on 6 October, 2008 - 4:27am

The ministers still need their bonuses what with the economy stinking at the moment and Temasek making paper losses on their investments..

Posted by oh well..* on 6 October, 2008 - 4:28am

doesnt seem like the money is going into helping the poor instead its the other direction

Posted by Anonymous Coward* on 6 October, 2008 - 7:45am

shh...we are not suppose to know that the gahmen linked companies always raise charges to cover their loss in lousy overseas investments so they can continue to enjoy their fat pay cheque. shh....its suppose to be a secret. lets all just pretend we dun know and just pay and pay.

Posted by Anonymous Coward* on 6 October, 2008 - 5:18pm

Of course lah,after Singapore F1 gp ,our gov. already spent a lot of money for the lighting so they have to find another way to cover for the fees.

Posted by Anonymous Coward* on 6 October, 2008 - 6:15pm

Damn, they said that they have to increase the electricity rates but they already waste a lot of money on F1 which used plenty of lights.

Posted by Anonymous Coward* on 6 October, 2008 - 6:17pm

this is why singaporeans would not deserve a good opposition.

look at the people here, blaming the electricity tariffs on F1 and minister pay checks.
how to have credibility???

Posted by cherub2* on 7 October, 2008 - 1:27pm

SP aren't raising tarriffs for increased profitability. The decreasing oil prices are not sustainable. These are but only short term fluctuations.

Looking at the big picture, they have been raising prices, CPF minimum sums/withdrawal age, selling national assets, 'investing' in money losing banks, letting in loads of foreigners so easily, etc...is there a possibility of them running road with all the money after squeezing the last drop from us and leaving poor Singaporeans in the lurch to deal with the debts and burdens under the hands of foreign entities who have bought our assets? Is there a way to recover our assets if they do so?

Posted by Anonymous Coward* on 7 October, 2008 - 6:21pm

I totally empathise.

When they've got a dick up your ass, a dick in the fanny, a dick each in both of your nostrils, then it shouldn't matter that much if another one goes into the mouth.

Posted by aaronkwok* on 7 October, 2008 - 8:56pm