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SMART and Sprint still in the red

PostPosted: Fri Oct 29, 2010 1:59 am
by admin
THE SMART Tunnel and Sprint Highway are still in the red despite higher traffic volume and toll revenue each year, said the Auditor-General’s Report 2009.

SMART projected a toll collection of RM82mil in 2008 but collected RM28.37mil, only 34.60% of the estimate.

Sprint Highway projected RM232.35mil but received RM70.79mil, 30.47% of its forecast, the report said.

Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) started operations in 2006 and Syarikat Mengurus Air Banjir & Terowong Sdn Bhd (SMART) in 2007.

The report said both highways recorded an increase in traffic volume and toll revenue each year.

However, they were burdened by rising financial costs and payment for buildings.

“There is no excess of revenue to be shared by the government,” it said.

The audit was carried out based on the companies’ balance sheet, profit and loss statement and cash flow statement.

Read the full article:
http://thestar.com.my/news/story.asp?fi ... sec=nation