Transport administrator SMRT Corp has posted a 23 per cent drop in net profit of SGD15.5 million for the first quarter ended 30 June2016, as rail related costs kept on raising and cannibalisation from rival SBS Transit Downtown Line started to increase.
Staff cost remained the greatest cost thing, increased by 7.5 per cent of SGD138.6 million as SMRT plans for the opening of the Tuas expansion in the final quarter.
Repairs and maintenance increased by 12.4 per cent of SGD38 million.
By portion, SMRT rail business suffered about SGD9.4 million in operation lost – more than the SGD5.3 million it lost the same time a year ago.
Chief executive Desmond Kuek said it would allow the company to “better fulfil its role as a public transport operator to deliver high-quality services and operational reliability for the benefit of our commuters, without the pressure of short-term market expectations”.