SMRT's Q3 profit up 64 per cent to $37m

SMRT reported a rise in net earnings to $36.9 million for the third quarter ended Dec 31, 2015.
SMRT reported a rise in net earnings to $36.9 million for the third quarter ended Dec 31, 2015.PHOTO: ST FILE

SINGAPORE - Listed transport operator SMRT Corp posted a 63.5 per cent rise in net earnings after tax to $36.9 million for the third quarter ended Dec 31, 2015.

The sterling results came on the back of a 6.6 per cent increase in revenue to $348.5 million, which was fuelled by growing transport ridership, as well as the group's non-fare businesses.

Expenses inched up by 2.4 per cent to $303 million as rising staff and maintenance costs were partially offset by lower power and fuel costs.

The Temasek-owned group's MRT operations posted a 203.3 per cent rise in operating profit to $9.7 million while losses at its LRT business widened by 89.7 per cent to $1.5 million.

Its bus operations went from an operating loss of $462,000 to a profit of $3.4 million. Its taxi business showed the biggest improvement, with operating profit soaring by more than 500 per cent to $4.8 million.

Profit from retail space rental remained its single biggest profit churner, growing 5.4 per cent to $21.8 million. Advertising profit however, shrank 17.4 per cent to $5.3 million.

SMRT's engineering business went from a loss of $1.2 million to a profit of $310,000 in the three-month period.

For the first nine months, the transport-based group's net earnings grew 17.9 per cent to $82.7 million.