SMRT's Q1 net jumps 36.8% to S$22.36 million

SMRT Corp's net profit jumped 36.8 per cent to S$22.36 million for the first quarter ended June 30, thanks mainly to growth in ridership and average fare, as well as the rental, advertising and taxi businesses.

First-quarter revenue was 4.3 per cent higher at S$297.13 million compared to the same period a year ago. The increase was due to higher revenue across most segments.

But SMRT, Singapore's main rail operator, registered higher depreciation, staff, and repairs and maintenance costs. The period also saw a S$1.6 million penalty imposed by the Land Transport Authority for four train service disruptions since last October.