My take is that for this type of company (ie primary purpose is to serving the general public), profit alone cannot be the only judging criteria to assess if the company is running properly or not. The other indicator (ie serving the general public) need to be there as well. If it is not there, then it is the LTA or the Ministry of Transport responsibility to ensure that they don't just focus on profit & forgo the rest (which to me is what they're doing for the past decade).
If they are able to do their main task well, who care if they have big profit.
If they just focus on profit & sacrifice the primary role of the company - that we can & should make noise.