Written by The Edge
Transport operator SMRT says it posted a 20.7% fall in profit after tax to $38.2 million for the first quarter ending June 30 2010 (1QFY2011) versus $48.2 million for 1QFY2010 due mainly to lower operating profits.
Group revenue increased 9.0% or $19.5 million to $235.3 million due mainly to higher MRT ridership, contribution from Circle Line Stages 1 and 2, higher Bus ridership and higher rental revenue, partially offset by lower revenue from Palm Jumeirah Monorail.
Revenue from Train operations increased by $14.1 million (12.2%) to $129.6 million as a result of higher MRT ridership and contribution from Circle Line Stages 1 and 2.
Revenue from Bus operations was 7.2% higher at $52.5 million due mainly to higher ridership.
Taxi rental revenue increased by $0.6 million (3.3%) to $18.3 million, due mainly to improved hired-out rates and larger average hired-out fleet.
Rental revenue grew $1.9 million (12.0%) to $17.3 million as a result of increased space following the redevelopment of commercial spaces at various MRT stations.
Advertising revenue increased by $0.9 million (15.9%) to $6.2 million due mainly to increased advertising on trains and MRT stations.
Revenue from Engineering and Other Services declined by $1.5 million (14.6%) to $9.1 million due mainly to lower revenue from Palm Jumeirah, partially offset by increased consultancy revenue.
SMRT says the outlook in the next 12 months for Train operations is expected to be challenging with continuing losses from Circle Line operations, increasing cost pressures and the impact of distance fares on fare revenue.
Dividends : None
