SMRT's net profit down despite rise in revenue
Higher rail and bus expenses dent earnings for second quarter
Published on Nov 1, 2012 6:00 AM
Higher bus and rail expenses weighed heavily on SMRT Corp's bottom line, pulling down its second-quarter earnings despite a notable rise in revenue.
The transport operator's net profit attributable to shareholders shrank by 2.2 per cent to $33.33 million for the quarter that ended on Sept 30.
This was on the back of a 7.7 per cent rise in revenue to $281.24 million.
Total operating costs rose 10.3 per cent to $246.75 million, led by staff costs, which grew by $8.29 million, or 9.7 per cent.
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