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This paper addresses a variant of bus timetabling problem assuming that travel times changes dynamically over the planning horizon. In addition to minimizing the transfer waiting time, another objective, namely minimizing the fruitless waiting time, is introduced in this paper as a new realistic objective. First, the problem is formulated as a mixed integer linear programming model. Then, since commercial solvers become inefficient to solve moderate and large sized instances of the problem (due to the NP-hardness), a GRASP heuristic algorithm is developed. Computational experiments over a variety of random instances verify the performance of the proposed method.