SMRT profit derailed by high energy costs

Profit for the second quarter of 2011 was down to S$34.1m.

Saw Phaik Hwa, SMRT’s President and Chief Executive Officer, said, “Looking ahead, we expect an increase in fare revenue due to higher ridership on existing lines and increased ridership due to the opening of Circle Line Stage 4 and 5. However, profitability will be impacted by higher operating costs, particularly energy cost.”

SMRT reported:

Revenue from Train operations increased by S$7.9 million or 6.0% in 2QFY12 as a result of higher ridership, partially offset by lower average fare for MRT. Operating profit declined by S$7.5 million or 24.7% due mainly to higher energy costs and staff and related expenses, partially offset by lower depreciation. Staff and related expenses were higher due mainly to increased headcount for the operation of Circle Line, impact of salary adjustments and higher CPF contributions.

Revenue from Bus operations increased by S$1.1 million to S$55.8 million in 2QFY12 due mainly to higher ridership. There was an operating loss of S$2.6 million in 2QFY12 as compared to an operating profit of S$1.4 million in 2QFY11 due mainly to higher diesel cost and staff and related expenses, partially offset by higher revenue.

Taxi revenue increased by 24.7% to S$28.9 million in 2QFY12 due mainly to higher rental revenue from a larger average hired out fleet. Operating profit decreased by S$0.3 million or 68.5% due mainly to higher depreciation and insurance cost, partially offset by higher revenue.

Rental revenue from commercial spaces increased by S$1.4 million or 7.3% to S$20.1 million in 2QFY12 as a result of increased space following the redevelopment of commercial spaces at various MRT stations. This led to an 8.7% increase in operating profit to S$16.0 million compared to the same period last year.

Advertising revenue increased by 6.3% to S$7.1 million in 2QFY12 and operating profit increased marginally by 6.6% to S$4.6 million. The higher revenue is partially offset by higher depreciation and other operating expenses.

Revenue and operating profit for Engineering and Other Services in 2QFY12 decreased by S$1.5 million or 20.6% and S$3.0 million or 77.2% respectively. This was due mainly to the absence of receipts from Nakheel following the termination of Palm Jumeirah operation and maintenance contract in August 2010.

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