SMRT incurs 4Q losses of $12 million due to higher operating costs including salary adjustments

Transport operator SMRT Corp incurred a loss of $12 million for the fourth quarter ended March 31, 2013. This compared with a profit of $13.9 million for the corresponding period last year.

Chief executive Desmond Kuek attributed the loss to significantly higher operating costs, including salary adjustments for bus drivers and higher repair and maintenance costs for its rail business.

He expects costs to continue rising.

Nevertheless, SMRT is declaring a final dividend of 1.0 cent per share. Together with an interim payment of 1.5 cents, it brings total dividend for the year to 2.5 cents.