SMRT’s net profit surged 58.4% to $22.5m in Q3

On back of much lower operating costs.

SMRT reported that its net profit surged 58.4% year-on-year to $22.5m in the third quarter, backed by lower-than-expected operating costs chiefly from labour and energy.

According to OCBC, SMRT’s fare business continues to show solid growth on higher ridership and average fares as well as lower diesel costs, but these gains were partially offset by higher depreciation from a larger train fleet and mandatory contribution to the public transport fund.

Its non-fare business improved mainly on higher rental income due to higher rental renewal rates of commercial spaces but was partially offset by early retirement of taxis.

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