SMRT Corporation rail and LRT services have reported their first-ever quarterly loss due to a sharp rise in operating costs.
Announcing its 3QFY14 results, SMRT said profit after tax had fallen by 44.1 per cent to just $14.2 million while the operator’s fare business suffered an operating loss of $9 million from a $7.4 million operating profit last year.
Rail services were one of the worst hit areas, recording a loss of $200,000 despite experiencing a rise in fare revenue.
SMRT said one of the factors was a 10.6 per cent increase in operating costs caused by a 21.4 per cent rise in staff costs and a depreciation of assets. Full story
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