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SMRT’s net profit grows by 1.9% to $25.7m
Rail, bus, and non-fare segments posted higher earnings.
The transport company coasted to a nearly borderline increase on its earnings as it reaped the fruits of its associates and joint ventures.
According to OCBC, SMRT’s fare business grew by 3.1% due to higher ridership and average fares. However, this was almost overturned by an operating loss of $1.4m as costs rose to support the ageing rail network.
“Non-fare business’ 2QFY16 operating profit jumped 21.7% YoY to S$33.1m on the back of a 9.0% growth in revenue driven by taxi and rental segments,” OCBC said.
Meanwhile, OCBC reiterates that it expects SMRT’s ageing rail woes to continue.
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