Then yesterday it said that it was expecting profits to fall in the coming months, citing increasing cost pressures such as energy and staff expenses.
Yesterday's statement came about two weeks after SMRT and SBS Transit applied for fare adjustment to increase the total bus and rail fares collected by up to 2.8 per cent.
SMRT had then also cited rising fuel prices and manpower costs as reasons for the need to raise fares.
In the statement, SMRT said that due to higher operating costs, net profit for the current financial year had fallen by 8.9 per cent to nearly S$35 million in the first quarter, which ended on June 30, despite revenue rising by 7.5 per cent to more than S$253 million, mainly due to higher ridership on its buses and trains.
SMRT president and CEO Saw Phaik Hwa said: "The operating performance in the quarter was affected by the higher energy costs and higher headcount mainly attributed to the operation of Circle Line and increased train runs.
ORIGINAL SOURCE
Content used in this not-for-profit blog remain the property of their respective owners.
No comments:
Post a Comment