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SINGAPORE: Transport operator SMRT said that its second quarter net profit rose 24.1 per cent to S$52.8 million from a year ago, on lower energy costs and other operating expenses.
Revenue for the three months ended September edged up 1.1 per cent to S$229.4 million. This was mainly due to the start of Circle Line Stage 3 operations, increased rental revenue and higher revenue from overseas projects.
Revenue from train operations rose marginally, while turnover of bus operations fell 4.6 per cent mainly due to lower average fare and daily ridership.
Ms Saw Phaik Hwa, SMRT's president and CEO, said that the company's profitability will continue to be impacted by the fare reduction package, lower jobs credit, volatility in diesel prices and the ramp-up costs to prepare for the progressive opening of the remaining Circle Line.
She added that the transport firm will continue to grow its businesses and capabilities as well as increase its productivity.
- CNA/sc
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