SMRT Corp posted another weak quarter, with 3QFY14 PATAMI falling 44.1% yoy to S$14.2m on the back of spiraling higher staff costs.
But the expected commencement of operations of the Singapore Sports Hub in the next few months "will be a bright spot" for the company, according to OSK-DMG, "as it will reduce the group's reliance on the lackluster transportation business in Singapore."
"Sportshub the first step towards diversifying. The Singapore Sports Hub is expected to commence operation in the next few months. We believe that the 41,000 sq m operation, jointly run by MRT and National Trades Union Congress (NTUC) Fairprice, will be a bright spot for MRT, as it will reduce the group’s reliance on the lackluster land transportation business in Singapore."Link
