Keretapi Tanah Melayu Bhd (KTMB) reaffirmed its first property projects valued at RM6 billion are likely to commence by year-end or early 2019.

Chief Executive Officer (CEO) Mohd Rani Hisham Samsudin said the company was working closely with the Railway Assets Corporation (RAC) to develop the projects which were delayed due to various issues.

“It (the property development) is under RAC. We tried to do it on our own, however, there were some issues,” he told reporters after meeting with the Council of Eminent Persons (CEP) today.

He said among the matters discussed with the CEP was Phase II of the Klang Valley Double Track (KVDT) rail upgrade project.

“It was a good discussion. We shared about issues at KTMB and they gave their views and advice,” Mohd Rani said.

Speaking on the KVDT upgrade, he said the CEP was briefed on the importance, cost and timeline of the project.

Striking a balance

Responding to a question on KTMB’s performance, Mohd Rani said the company was improving and becoming more efficient and customer-oriented to both passengers and the cargo industry.

As for the need to raise fares, he pointed out the railway operator needed to strike a balance between the areas which were profitable and those which were not.

“Fare is controlled by the Land Public Transport Commission because we have to strike a balance between operating commercially and for the people. There are some areas where we made money and others where we did not. We have to strike a balance between that,” Mohd Rani said.

The CEO, however, declined to answer when asked on when KTMB would turn to profit.

“We will announce our financial performance soon and you will find out whether we are making profit or not,” he added.

It was reported that KTMB accumulated RM1.87 billion in losses from 2000 to 2015.

For the financial year 2015, it suffered a net loss of RM226.25 million before achieving a profit of RM63.22 million in 2016, largely due to a one-off asset disposal.

- Bernama