Singapore metro operator SMRT Q4 profit jumps 80%
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SINGAPORE, April 24 (Reuters) - SMRT Corp. (SMRT.SI: Quote, Profile , Research), Singapore's state-controlled metro operator, on Tuesday posted a 80.3 percent rise in quarterly earnings, thanks to a lower corporate tax rate which offset higher operating expenses.
SMRT, which also operates buses and taxis in the city-state, reported S$36.2 million net profit for the three months ended March 31, its fiscal fourth quarter.
The firm posted 2006 net profit of S$135.4 million, compared with S$103.4 million a year ago.
Full-year profits beat a consensus net profit forecast of S$121.9 million from 11 analysts polled by Reuters Estimates.
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Ho sei liao. Staffs can expect a huge bonus payout this coming june
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Yeah
But cutting train trips, reducing the no of bus services and everything -
.....
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The taxi biz is getting poorer and poorer
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SMRT, u all better buy more buses!
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Come july they will request the max 1.8 freaking % increase citing: GST increase, increase pay increase costs....*yar right*
If PTC approve, we all must stage a sit in to demand a proper explaination.
WTF. I want all the two cent i spent extra back. The 1.7% increase LAST YEAR was to cover up a SUPPOSED 7.7million increase in fuel costs. YAR FREAKING RIGHT.
I counted, conservative estimation of 1-3 cents increase, the average being 2 cents, most of my increase is two cents, they get 10 million from it.
PROFITEERING -
I think they're alrdy giving up running their bus biz alrdy...Originally posted by hiphop2009:SMRT, u all better buy more buses!
1 by 1 slowly withdraw bus rts and have bus drivers that anyhow skips bus stops -
Fuel price up,fare up,service down.
Fuel price down,fare stays!
Staff hardy get pay increment,they are being told,shareholder first,customer first.Didnt you notice their staff hardy have any smile?
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You wait long long....... work for them for 10yrs already and every year the same excuse from top people..... ''Save for a rainy day'', "Share holder must be rewarded", "U all are already paid more than (3rd world country, Bus driver, etc)....... Have not get a decent pay rise since 2001. Ever since SMRT when listing at the stock exchange..... the full year bonus have always been less than the 2mths they give when still under govt......Originally posted by Manager433:Ho sei liao. Staffs can expect a huge bonus payout this coming june
The More profit they get...... the More Share Holder gets..... not the workers
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time for them to reduce fare prices.
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Hahaha..... again wait long long. When got price goes up every come downOriginally posted by dragg:time for them to reduce fare prices. 
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Herein is the justification for another round of fare increases - Ministers in approving fare increases claimed that SMRT had been suffering losses due to rising oil prices but not multi-million CEO costs.Originally posted by play_n_play:SINGAPORE, April 24 (Reuters) - SMRT Corp. (SMRT.SI: Quote, Profile , Research), Singapore's state-controlled metro operator, on Tuesday posted a 80.3 percent rise in quarterly earnings, thanks to a lower corporate tax rate which offset higher operating expenses.
SMRT, which also operates buses and taxis in the city-state, reported S$36.2 million net profit for the three months ended March 31, its fiscal fourth quarter.
The firm posted 2006 net profit of S$135.4 million, compared with S$103.4 million a year ago.
Full-year profits beat a consensus net profit forecast of S$121.9 million from 11 analysts polled by Reuters Estimates. -
Public services still have no shame to announce making so much profit out of the people?
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Let's get straight to the point:
When is the next round of fare hikes, and by how much? -
Soon soon.Originally posted by fudgester:Let's get straight to the point:
When is the next round of fare hikes, and by how much?
Don't be impatient.
Let them enjoy their bonuses first before they decide on the next round of fare increases. -
They should really nationalise the public transport.
But then, its no guarantee that they will try to make a profit off the people even if they do nationalise it... -
August lor. Of course the max they can apply for lor, or else they'll be shooting themselves in the foot.Originally posted by fudgester:Let's get straight to the point:
When is the next round of fare hikes, and by how much? -
Totally agree with uOriginally posted by jianfish9:They should really nationalise the public transport.
But then, its no guarantee that they will try to make a profit off the people even if they do nationalise it... -
Doesn't matter whether they nationalise it or privatise it.Originally posted by jianfish9:They should really nationalise the public transport.
But then, its no guarantee that they will try to make a profit off the people even if they do nationalise it...
This is Singapore.
Fares will still go up with no improvement in service. -
"People die if they are killed."Originally posted by jianfish9:They should really nationalise the public transport.
But then, its no guarantee that they will try to make a profit off the people even if they do nationalise it... -
Originally posted by hloc:
world class transportation, world class pay for the shareholders but compare staffs' pay to 3rd world countries.
You wait long long....... work for them for 10yrs already and every year the same excuse from top people..... [b]''Save for a rainy day'', "Share holder must be rewarded", "U all are already paid more than (3rd world country, Bus driver, etc)....... Have not get a decent pay rise since 2001. Ever since SMRT when listing at the stock exchange..... the full year bonus have always been less than the 2mths they give when still under govt......
The More profit they get...... the More Share Holder gets..... not the workers [/b]
wth? -
Should be hearing news in 2 to 3 months' time. And fare up by the end of this year if there are really news.Originally posted by fudgester:Let's get straight to the point:
When is the next round of fare hikes, and by how much? -
Sure go up one, if don't go up, both smrt and sbs are shooting themselves in the foot.
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Not so long ago, SMRT was complaining of high costs that makes their operation unprofitable, and applied for increase to fares charged.
Now that fares have been approved and their Q4 profit jumped by 80%, was the recently approved increases gving them a runaway profit ?
How will they explain this atrocious jump when they were complaining of unprofitable operations since the previous fare price increase ?
Where will this profit go to ?
Temasek or GIC, or back to the Finance Ministry - that will find its way back to Temasek or GIC, both of which will have additional capital to go on a global shopping spree in dubious investments ?
What possible benefit can the hard pressed Singaporean derive from this 80% jump in Q4 profit, or from the investments made by Temasek or GIC when these 80% jump in profits is transferred for their use ?
If Temasek or GIC were to invest these profits made by all the GLCs, and transfer the investment returns to help subsidise the costs of the GLCs providing the various essential services to Singaporeans, it would have at least allowed Singaporeans to see some benefits to their monies being extracted by a slew of government charges that keep going up.