SMRT Corporation Ltd (“SMRT”) reported a 44.1% decline in PATMI to $14.2 million for 3QFY14. Despite Train and Bus revenue rising 2.4% and 3.3% with a 2.2% and 5.1% increase in ridership, respectively, the Fare business recorded a loss of $9 million. Train EBIT dropped sharply to $0.4 million from $14.7 million, LRT continued to be loss making at $0.6 million, and Bus losses widened to $8.9 million from $7.0 million, as a result of rising operating costs not being matched by corresponding fare adjustment. The fare losses year-to-date stand at $20.7 million compared to a profit of $44.7 million last year. The Non-fare business maintained growth with a 6.1% increase in profit. Rental EBIT rose 9.2% to $18.5 million with the opening of Woodlands Xchange and higher rental renewal rates compared to last year. Advertising EBIT rose 29.1% to $6.9 million on higher revenue. 3 Taxi EBIT declined to $1.5 million from $2.9 million due to higher staff costs, depreciation due to newer models and higher repair and maintenance. Engineering and other services EBIT remained relatively flat despite higher revenue due mainly to higher operating costs
Posted on: Tue, 28 Jan 2014 12:41:19 +0000
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