SMRT Trains net profit falls 8% to S$6.9 million despite rise in revenue
Top line increases 4% to S$918.2 million on higher riderships and fares, but affected by costs from September 2024 major MRT disruption
[SINGAPORE] SMRT Trains saw net profit fall 8 per cent to S$6.9 million for the year ended March 2025, from S$7.5 million the year before, the public transport operator said on Thursday (Jul 31).
This is despite revenue rising 4 per cent or S$31.5 million to S$918.2 million, on higher average fares and increased ridership.
Revenue took a hit from the East-West Line disruption in September 2024, when train services along a section of the line were disrupted for six days.
The disruption also contributed to higher operating costs for maintenance and repair, as well as bridging bus services.
In a statement, parent company SMRT Corp noted the expansion of its non-public transport business segment.
In July 2024, SMRT Corp completed a strategic restructuring into two divisions or “engines”: Engine A for its public transport businesses including SMRT Trains and SMRT Buses, and Engine B for commercial ventures, including taxi operator Strides Premier and urban transport solutions company Strides Holdings.
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“Engine B, which focuses on non-fare commercial ventures, has expanded its portfolio to enhance SMRT’s financial sustainability and resilience,” said the company.
In the last year, Strides Technologies was set up as the group’s engineering hub.
Strides Premier reported new clients OCBC, IHH Healthcare and Dynasty Travel, and new vehicle maintenance contracts with Changi Airport Group, Civil Aviation Authority of Singapore, Ministry of Home Affairs and the Republic of Singapore Airforce. Strides Holdings secured a new six-year contract with Singapore’s Elections Department. Last week, the Land Transport Authority announced that SMRT’s fine for the September 2024 disruption would be reduced to S$2.4 million from S$3 million.
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SMRT Corp was delisted from the Singapore Exchange in October 2016 following a takeover bid by Temasek.
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