Rubbish.
SBST refurbished all their MKII, 0405, MKIII and they did not
make losses of this amount.
The total number of these buses in fact exceed the entire SMRT
fleet combined.
they way SMRT refurbishes their buses is different. they
overhaul the bus, rip off the doors and seats, repaint the interior
and doors, change seat covers and retune the aircon.