SMRT operating profit seen to dip by double digits in 2Q14

Dragged down by still-increasing OPEX.

According to OCBC, SMRT operating profit will likely plummet by double digits in 2Q14 as operating expenses balloon faster than revenues, similar to what happened in the 1Q14.

"We expect SMRT's upcoming 2Q14 results to be similar with 1Q14; slight revenue growth with higher operating expenses -- namely staff, depreciation and repair/maintenance -- causing operating profit to decline by double digits by YoY," said OCBC.

"On a segmental basis, bus operations will likely extend its streak of 11 consecutive quarters of losses (but we assume no asset impairments); rail profitability will be lower as well. The taxi, rental and advertising segments should stay positive and provide some consolation to SMRT," it added.

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