SMRT's Q4 profit jumps 23% to S$20.8 million

Singapore

SMRT posted a 23 per cent year-on-year increase in its fourth-quarter net profit to S$20.8 million, buoyed by higher ridership and average fare. This was on the back of group revenue climbing 7.5 per cent to S$311.2 million, due to a rise in income from both its fare and non-fare businesses.

Revenue from its fare business (comprising train, LRT, and bus operations) rose 5.3 per cent, boosted by a 9.9 per cent increase in revenue from its bus operations. Although revenue from its train operations inched up 3.8 per cent, the group noted that train operations suffered a first ever quarterly operating loss of S$2.4 million. This was mainly due to an increase in staff costs, depreciation and repairs, as well as higher maintenance costs.