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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
 
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.

 
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