SMRT's Q2 profit dives 57% to $14m

HIGHER staff and depreciation costs combined with stagnant fares to put the brakes on SMRT Corp's net profit for the second quarter ended Sept 30, 2013, causing it to plunge 56.8 per cent to $14.4 million, even as revenue rose 5.3 per cent to $296.3 million.

Singapore's main rail operator, which also runs buses and taxis, said Q2 group revenue rose across all segments except for the taxi business.

One particularly bright spot was the non-fare business, whose operating profit grew 10.9 per cent to $25.8 million on higher taxi, rental and advertising profit.