SMRT's earnings derailed by higher costs

The company's earnings grew by a smaller 5% to S$37m, says CIMB.

Here's more from CIMB:

We expect SMRT’s earnings outlook to remain subdued despite revenue growth. The group posted a 9% yoy increase in revenue to S$275m in 1Q13 amid broad-based growth. Fare revenue was supported by higher ridership and the full contribution of the new Circle Line stations, while non-fare revenue grew thanks to increased rental space and advertisements.

However, earnings grew by a smaller 5% to S$37m as higher repairs, maintenance and depreciation costs eroded profitability.EBIT margin declined 0.8%pt to 16% while net profit margin slipped 0.5%pt to 13.3%.

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