28 Oct '11, 12pm

Higher costs derail SMRT earnings

Higher costs derail SMRT earnings

Revenue for the three months increased by $15.1 million or 6.1 per cent to $261.1 million, on the back of higher public transport ridership. -- ST PHOTO: NURIA LING By Christopher Tan Rail-and-rental group SMRT Corp posted a $13.9 million drop in operating profit to $42.1 million for the second quarter that ended on Sept 30, largely because of higher expenses. Revenue for the three months increased by $15.1 million or 6.1 per cent to $261.1 million, on the back of higher public transport ridership. Contributions also came from the newly-opened Circle Line, higher taxi rental revenue, increase in external fleet maintenance revenue and higher rental and advertising revenue, partially offset by lower average fares for MRT and Bus. Group revenue for the first half rose by 6.8 per cent to $514.2 million. Net profit after tax for the first six months fell by 18 per cent to $68.9...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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