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#1
02-08-2013, 04:00 PM
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SMRT profit dives even when fares have gone up
An honorable member of the Coffee Shop Has Just Posted the Following:
Christopher Tan The Straits Times Friday, Aug 02, 2013 SINGAPORE - Transport operator SMRT Corp posted a 55.2 per cent drop in net earnings to $16.35 million for the first quarter despite higher fare revenue. Turnover for the three months to June 30 rose by 3.5 per cent to $284.8 million. Operating expenses, led by staff cost and depreciation, increased 11 per cent to $272.13 million. The group has been ramping up headcount to address a growing need for rail maintenance. Higher depreciation is largely on the back of a bigger operating fleet. Its operating margin shrank from 28.9 per cent to 21.8 per cent. Earnings per share stood at 1.1 cents, down from 2.4 cents, while net asset value per share was 51.8 cents, up from 50.5 as at March 31. SMRT's net gearing rose from 0.08 to 0.64 as it paid for 17 new trains and assumed ownership of operating assets from the Land Transport Authority. Cash in banks and in hand plummeted from $332.51 million to $85.96 million in the three months. However, its trade and other receivables rose from $86.07 million to $103.29 million. SMRT chief executive Desmond Kuek said the first quarter "reflects continued challenges in the fare business". "There remain various critical issues that we are working through with the authorities to derive a sustainable and equitable model for the train and bus businesses, and we are doing our utmost to move speedily to a favourable outcome." Fare revenue for the quarter rose by 2 per cent to $213.15 million on higher rail and bus ridership. But rail operating profit plunged from $24.98 million to $2.31 million, while operating losses from the bus business widened from $5.19 million to $7.52 million. Taxi operating profit rose by 45.6 per cent to $2.25 million on the back of a larger fleet. SMRT's other non-transit businesses continued to shine. Profit from the rental of station space rose by 9 per cent to $17.68 million, advertising earnings was up 4.5 per cent to $4.75 million and engineering profit grew four times to $504,000. The group said its transit businesses will continue to be challenging in the next 12 months with no fare adjustment in sight. But its rental income will grow with the completion of Woodlands Xchange this year. [email protected] Click here to view the whole thread at www.sammyboy.com. 
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