30 Apr '13, 9am

SMRT reports Q4 net loss of S$11.9m

SMRT reports Q4 net loss of S$11.9m

SINGAPORE: SMRT Corporation has said its current business model is "unsustainable" and it is in talks with the government on "more sustainable models" for its trains and bus businesses. The public transport operator reported a net loss of S$11.9 million in the fourth quarter ended March 2013, mainly due to higher repair and maintenance costs and higher staff costs. SMRT had achieved a net profit of S$13.9 million in the same period last year. SMRT's operational costs in the first three months of this year rose 12.9 per cent from the same quarter last year, due to higher train and staff costs. Meanwhile, income from the full operation of Circle Line, taxi and rental revenue is not rising fast enough. The group's fourth-quarter revenue rose 2.4 per cent to S$281.3 million. SMRT warned that its profitability will be further eroded in the next 12 months by the "continuing misa...

Full article: http://www.channelnewsasia.com/news/business/singapore/sm...

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