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SINGAPORE: SMRT has booked a 6.2 per cent increase in first quarter net profit due to strong ridership growth and increased rental revenue.
Net profit for the three months ended in June 30 came in at S$40.3 million, while revenue grew by 11.2 per cent to S$215.9 million.
SMRT said it saw increased ridership on its commuter trains, but its bus and taxi operations were hurt by rising fuel costs.
Nonetheless, revenue from train and bus operations is expected to increase in the July-September quarter, as compared to the same period a year ago, due mainly to ridership growth.
Revenue from taxis is expected to grow marginally in the next quarter as a result of higher average hired-out fleet.
Revenue from rental is also expected to be higher in the next quarter due to better rental yield and increased space, following the redevelopment of various stations.
Revenue service for Circle Line Stage 3 is expected to commence in mid-2009.
- CNA/so
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