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[Press Release] SMRT reports lower profit of $15.5 million in 1Q FY2017 as losses in the Rail busines
SMRT reports lower profit of $15.5 million in 1Q FY2017 as losses in the Rail business deepen
Press Release 08/08/16

Group revenue decreased 2.0% to $313.9 million in 1Q FY2017 compared to 1Q FY2016. Operating profit fell 20.3% to $22.1 million in 1Q FY2017 while PATMI was lower by 22.9% at $15.5 million.

Operating expenses rose 0.8% to $311.5 million due mainly to higher staff costs and repairs and maintenance costs, partially offset by lower energy expenditure and other operating expenses.

Staff costs increased due mainly to higher headcount engaged in Rail and Bus operations to support a larger train and bus fleet as well as to meet heightened operational requirements. Repairs and maintenance costs rose due mainly to the rigorous maintenance regime in Train and LRT operations in view of the ageing systems and more trains undergoing scheduled overhaul, a larger bus fleet as well as maintenance work in line with the taxi life cycle. In tandem with our commitment to enhance rail reliability, the Group’s Rail maintenance-related expenditure3 in 1Q FY2017 accounted for 49% of Rail fare revenue.

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