TRANSPORT & LOGISTICS | Staff Reporter, Singapore

SMRT’s Q3 profit soars 63.5% to $36.9m

Thanks to higher taxi, rental contributions.

SMRT’s net profit in for the third quarter of FY16 surged 63.5% to $36.9m, as it was supported by growth in most business segments.

According to a report by OCBC, train operations saw an improvement in operating profit by $6.5m on higher revenue, funding and reduced depreciation costs.

Bus operations also enjoyed an operating profit of $3.4m this quarter, as opposed to the loss it booked in 3QFY15, thanks to increased training grants, reliability incentives, and reduced diesel expenses.

Meanwhile, LRT operations posted a higher operating loss of $1.5m due to costs relating to the addition of new trains to the fleet. Also, rail operations for both the train and LRT posted a combined loss of $1.1m in the financial year to date.

Non-fare business’ revenue inched up 2.6% to $92.3m and operating profit soared 20.3% to $33.7m, boosted mainly by growth in taxi and rental segments.

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