SMRT's net profit down despite rise in revenue
Higher rail and bus expenses dent earnings for second quarter
Purchase this article for republication
Buy SPH photos
Total operating costs rose 10.3 per cent to $246.75 million, led by staff costs, which grew by 9.7 per cent. SMRT hired more people to beef up rail maintenance, and more bus drivers to expand its fleet. -- ST FILE PHOTO
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.
