Why SMRT's spiking staff cost will remain a headache this year

Staff cost estimate raised by 5%.

According to DBS, along with the operating environment and its recent wage adjustments, it has raised its staff and R&M cost assumptions by 5% and 11%, respectively. As such, it lowered its FY14F/ 15F forecasts by 8.4%/ 5.9%. DBS continues to see a tough operating condition for its fare business.

Here's more:

In its outlook, SMRT continues to be cautious and candid about its prospects. It has indicated that the operating condition remains challenging with staff costs, repair and maintenance costs expected to increase.

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