SMRT Trains' full-year net profit down 82.4% to S$7.5 million
SMRT Trains' full-year net profit is 82.4% less than the previous FY. It made $7.5 million in the financial year ending April 2024. The drop is mainly due to a one-time $40.8 million dividend from its Thomson-East Coast Line. Higher electricity and staff costs also weighed down profits. The gradual recovery in train ridership, as well as higher average fares and savings from continuous internal improvements helped prop up profits. SMRT will invest at least $10 million in the coming year to prioritise growth areas like artificial intelligence and data mining. Nadirah Zaidi reports.
SMRT Trains' full-year net profit is 82.4% less than the previous FY. It made $7.5 million in the financial year ending April 2024. The drop is mainly due to a one-time $40.8 million dividend from its Thomson-East Coast Line. Higher electricity and staff costs also weighed down profits. The gradual recovery in train ridership, as well as higher average fares and savings from continuous internal improvements helped prop up profits. SMRT will invest at least $10 million in the coming year to prioritise growth areas like artificial intelligence and data mining. Nadirah Zaidi reports.
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