SMRT's Q3 profit falls 44% to $14.23m

SMRT Corp's net profit tumbled 44.1 per cent year on year to $14.23 million for the third quarter ended Dec 31, 2013, dragged down by its fare business which turned in a $9 million operating loss.

Revenue climbed 4.1 per cent to $293.3 million but operating profit fell 37.2 per cent to $20.1 million. Earnings per share worked out to 0.9 cent in the quarter, down from 1.7 cents a year earlier.

Operating expenses climbed 10.6 per cent to $283.82 million mainly on higher staff and depreciation expenses. Staff costs rose 21.4 per cent to $119.63 million, while depreciation of property, plant and equipment climbed 10.2 per cent to $45.78 million.