SMRT Corporation 1H15 Net Profits Dip 3.7%

SMRT Corporation has announced a 1H15 net profit of $45.9 million, a dip of 3.7 percent from the net profit of $47.6 million last year, despite recording higher revenue.

Revenue saw a rise of 6.2 percent to $649.1 million due to higher contributions across the board from rail operations, bus operations and non-fare business segment.

Despite higher revenue in train operations due to increase in fare revenue and lower electricity tariff, higher costs to support and expanded and ageing network, larger fleet, efforts to improve rail reliability as well as increased repairs and maintenance related expenditure continued to weigh on Train operations’ performance and resulted in an operating loss of $6.5 million.

LRT operations also suffered higher operating losses of $2.8 million due mainly to higher operating costs associated with the addition of new trains to the fleet , ultimately weighing down on the group’s profitability.

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