SMRT Q1 profit rises 38.5% to $37.94m
-
Published July 28, 2007
SMRT Q1 profit rises 38.5% to $37.94m By SAMUEL EE
LOWER costs and higher revenue from its trains and buses helped boost SMRT Corp's net profit for the first quarter ended June 30 by 38.5 per cent to $37.94 million compared to the same period last year.
Rush hour: SMRT posted stronger revenue for Q1 thanks to average daily passenger numbers rising 6.9 per cent to 1.2 million
SMRT, which runs Singapore's biggest rail network, said Q1 revenue rose 7.8 per cent to $194.19 million mainly because of an increase in passenger numbers on the trains and buses, a better hired-out rate for its taxi fleet, and higher turnover from advertising and rental.
Cost increases were much lower than the growth in revenue, as staff costs were less than expected, and repairs and maintenance for trains were delayed. But total operating expenses still rose $2.1 million or 1.4 per cent to $153.3 million due to higher energy costs and other operating expenses.
Higher electricity costs for trains were offset by stronger MRT revenue, which grew $8.9 million, or 9.1 per cent, to $106.8 million. This was thanks to average daily passenger numbers rising 6.9 per cent to 1.2 million and, to a smaller extent, the fare increase from Oct 1, 2006. Operating profit grew 13 per cent to $32.0 million.
Relatedlinks:
Click here for SMRT's news release
Financial statements
Presentation material
Other corporate results reported on July 27
Consolidated corporate results table
Electricity and diesel costs rose by $3.6 million, or 19.7 per cent, to $21.8 million.
Bus revenue inched up 3.3 per cent to $48.3 million, resulting in an operating profit of $500,000 compared with a loss of $500,000 in the same quarter last year.
Taxi revenue improved by 11.4 per cent to $17.9 million and the operating loss narrowed to $300,000 compared with a loss of $3.2 million in the corresponding quarter.
Staff and related costs were down $2.2 million or 3.4 per cent to $62.4 million mainly because of the deconsolidation of Transit Link's staff cost.
Earnings per share rose to 2.5 cents from 1.8 cents in the same quarter last year. The group's net tangible asset per share was 42 cents, up from 39.6 cents three months earlier.
SMRT said it expects Q2 operating expenses to be higher than the same period last year because of more scheduled repairs and maintenance and the rise in employers' CPF contribution -
lets see if they'll ask for fare increase.
-
Ya, I am waiting.Originally posted by dragg:lets see if they'll ask for fare increase. -
Cut on buses, cut on MRT freq
Well done SMRT
-
Question is where will the Net Profit go ?
Will it be returned to the Finance Ministry then transferred into the National Reserves, or into the operating accounts of GIC and-or Temasek Holdings ? -
No need to ask lah..... where u think it goes toOriginally posted by Atobe:Question is where will the Net Profit go ?
Will it be returned to the Finance Ministry then transferred into the National Reserves, or into the operating accounts of GIC and-or Temasek Holdings ?
To fellow passager Or empolyee Wait long long...... 
The money will goes back to the big boss at Temasek. SMRT is a Temasek link company....... so thats where the money will goes to.
btw..... confirm again will rise fare. They will use the GST hike and higher oil/fuel price as the 'REASON'...... adding a note about higher maintance and manpower cost.
PS.... if SMRT sack a few of those lazy bugger sitting at the very top of the foodchain, those 5 figure earner, then the manpower cost will drop greatly..... -
Dammit... I hate GLCs controlling monopolies. Nothing but a bunch of bullies. Hehe maybe a day of SMRT boycott should they raise the fees would do wonders.Originally posted by hloc:No need to ask lah..... where u think it goes to To fellow passager Or empolyee Wait long long...... The money will goes back to the big boss at Temasek. SMRT is a Temasek link company....... so thats where the money will goes to.
btw..... confirm again will rise fare. They will use the GST hike and higher oil/fuel price as the 'REASON'...... adding a note about higher maintance and manpower cost.
PS.... if SMRT sack a few of those lazy bugger sitting at the very top of the foodchain, those 5 figure earner, then the manpower cost will drop greatly.....
And, that stupid useless PTC should be disbanded. Just a wayang act only. Totally useless piece of junk. -
It's the divd that will go to the shareholder... SMRT is 61% owned by TH
The remainder are usually placed as capital for overseas expansion, but since SMRT has been lazy in overseas expansion, I dunno where it goes to -
ask ho ching!Originally posted by sbst275:It's the divd that will go to the shareholder... SMRT is 61% owned by TH
The remainder are usually placed as capital for overseas expansion, but since SMRT has been lazy in overseas expansion, I dunno where it goes to
-
i'll be fuming if they ask for another fare increase......den nxt time they report higher profit margin..... from our fares.....
-
Don't bluff yourself about any boycott..... theres no way it would work. Since most of us can't afford out own transport and Bus are not the fastest in traffic jams...... who would boycott the mrtOriginally posted by bigmouthjoe:Dammit... I hate GLCs controlling monopolies. Nothing but a bunch of bullies. Hehe maybe a day of SMRT boycott should they raise the fees would do wonders.
And, that stupid useless PTC should be disbanded. Just a wayang act only. Totally useless piece of junk. Inorder for SMRT to even notice your boycott..... the total daily passager load must drop at least 20-30%.... better to be 50% and above. Since SMRT's daily passager numbers is about 1 million a day..... that would means 200-300 thousand ppl boycotting with you. With that type of numbers on your side.... you could have won a few sit in the Govt as Opps already..... -
Err.... so what can you do in the endOriginally posted by sg mata:i'll be fuming if they ask for another fare increase......den nxt time they report higher profit margin..... from our fares..... SMRT knows you, me can do nothing.... thats why the fare increase yearly..... 
-
Buy their shares since price has drop due to mkt crash.
They give good dividends -
I read one of the postings that Public Transport is slated to increase again in October right?Originally posted by qlqq9:Ya, I am waiting.
Even if they do, what the heck can people do? Riot? Strike?
The only thing certain, is that the Leak in LOcal Talents and Citizens, will only increase along with all cost increses...
In the end, Singapore will have very few locals left, and these few left will end up paying more and more to fund government's endeavours to enhance the infrastructure to cater to the majority of foreigners working & staying here...
See the picture? -
Foreigners here will still pay the same rate. What is most infuriating if they are going to increase the fare again in October is that, first, they cut down on the frequency of MRT and secondly, they are still making bucks and bucks of money. Thus it is not justifiable for any more increase from them! Having said this, I believe the damn ruling party will still support whatever crap reasons that the transport companies come out with to allow them to go ahead with the increase. With the increase in fares the sickening money minded gahmen benefit as well.Originally posted by HyperFocal:I read one of the postings that Public Transport is slated to increase again in October right?
Even if they do, what the heck can people do? Riot? Strike?
The only thing certain, is that the Leak in LOcal Talents and Citizens, will only increase along with all cost increses...
In the end, Singapore will have very few locals left, and these few left will end up paying more and more to fund government's endeavours to enhance the infrastructure to cater to the majority of foreigners working & staying here...
See the picture?
To solve the problem, not only the constant increment in transport fares but in other areas as well is to get the ruling party out of power. -
Too bad our inclusive society doesn't believe in mass boycotts.Originally posted by Atobe:Question is where will the Net Profit go ?
Will it be returned to the Finance Ministry then transferred into the National Reserves, or into the operating accounts of GIC and-or Temasek Holdings ?
Over here, the nationalized transportation system is smug in the knowledge that there is no viable alternative. Either you take SBS transit, or SMRT, or Comfort-delgro with a smaller proportion of commuters using trans union cabs, silver and smart cabs.
Should we be daring and committed enough, we should just switch to bicycles and car pools and make redundant the public transportation system over night. If just 2/3 of the population commit to such a move, imagine the massive losses faced by these arrogant giants.
This is the only kind of response to blackmail. -
Originally posted by hloc:
Don't bluff yourself about any boycott..... theres no way it would work. Since most of us can't afford out own transport and Bus are not the fastest in traffic jams...... who would boycott the mrt [b]Inorder for SMRT to even notice your boycott..... the total daily passager load must drop at least 20-30%.... better to be 50% and above. Since SMRT's daily passager numbers is about 1 million a day..... that would means 200-300 thousand ppl boycotting with you. With that type of numbers on your side.... you could have won a few sit in the Govt as Opps already..... [/b]
So your only solution is to accept it lying down? Yes I realised that it will never happen in Singapore... Singaporeans are cowards who accept their fate. -
SMRT has applied for a fare hike!
-
It's time we Singaporeans do something extreme instead of just complaining as IT JUST DOES NOT WORK!
-
try doing it n we will see what will happen to u. Once u start n the police got wind of it i will say bye bye to u. U want something extreme but is the something legal?Originally posted by bigmouthjoe:It's time we Singaporeans do something extreme instead of just complaining as IT JUST DOES NOT WORK!
I have a question. How are there able to cut cost? -
my 2 hands support ur view !Originally posted by hloc:No need to ask lah..... where u think it goes to To fellow passager Or empolyee Wait long long...... The money will goes back to the big boss at Temasek. SMRT is a Temasek link company....... so thats where the money will goes to.
btw..... confirm again will rise fare. They will use the GST hike and higher oil/fuel price as the 'REASON'...... adding a note about higher maintance and manpower cost.
PS.... if SMRT sack a few of those lazy bugger sitting at the very top of the foodchain, those 5 figure earner, then the manpower cost will drop greatly..... -
Waiting for you to start....... do leh..... do something leh...... I thought you say you not going stand the fare hike.....Originally posted by bigmouthjoe:It's time we Singaporeans do something extreme instead of just complaining as IT JUST DOES NOT WORK!
Hope to see NEWS with a video of you holding a Sign saying you are 'Boycotting' SMRT..... I'm still waiting..... -
what is the main reason to increase the fare price?
Originally posted by qlqq9:Published July 28, 2007
SMRT Q1 profit rises 38.5% to $37.94m By SAMUEL EE
LOWER costs and higher revenue from its trains and buses helped boost SMRT Corp's net profit for the first quarter ended June 30 by 38.5 per cent to $37.94 million compared to the same period last year.
Rush hour: SMRT posted stronger revenue for Q1 thanks to average daily passenger numbers rising 6.9 per cent to 1.2 million
SMRT, which runs Singapore's biggest rail network, said Q1 revenue rose 7.8 per cent to $194.19 million mainly because of an increase in passenger numbers on the trains and buses, a better hired-out rate for its taxi fleet, and higher turnover from advertising and rental.
Cost increases were much lower than the growth in revenue, as staff costs were less than expected, and repairs and maintenance for trains were delayed. But total operating expenses still rose $2.1 million or 1.4 per cent to $153.3 million due to higher energy costs and other operating expenses.
Higher electricity costs for trains were offset by stronger MRT revenue, which grew $8.9 million, or 9.1 per cent, to $106.8 million. This was thanks to average daily passenger numbers rising 6.9 per cent to 1.2 million and, to a smaller extent, the fare increase from Oct 1, 2006. Operating profit grew 13 per cent to $32.0 million.
Relatedlinks:
Click here for SMRT's news release
Financial statements
Presentation material
Other corporate results reported on July 27
Consolidated corporate results table
Electricity and diesel costs rose by $3.6 million, or 19.7 per cent, to $21.8 million.
Bus revenue inched up 3.3 per cent to $48.3 million, resulting in an operating profit of $500,000 compared with a loss of $500,000 in the same quarter last year.
Taxi revenue improved by 11.4 per cent to $17.9 million and the operating loss narrowed to $300,000 compared with a loss of $3.2 million in the corresponding quarter.
Staff and related costs were down $2.2 million or 3.4 per cent to $62.4 million mainly because of the deconsolidation of Transit Link's staff cost.
Earnings per share rose to 2.5 cents from 1.8 cents in the same quarter last year. The group's net tangible asset per share was 42 cents, up from 39.6 cents three months earlier.
SMRT said it expects Q2 operating expenses to be higher than the same period last year because of more scheduled repairs and maintenance and the rise in employers' CPF contribution -
Haha does boycott necessary mean protest?Originally posted by hloc:Waiting for you to start....... do leh..... do something leh...... I thought you say you not going stand the fare hike.....
Hope to see NEWS with a video of you holding a Sign saying you are 'Boycotting' SMRT..... I'm still waiting..... A boycott is the act of voluntarily abstaining from using, buying, or dealing with someone or some other organization as an expression of protest.
In this internet age and with Singapore's laws against protests, what makes you think protesting on the streets is the right way to go about achieving things? -
I think all of you mixed up boycott with protest.Originally posted by NewAge:try doing it n we will see what will happen to u. Once u start n the police got wind of it i will say bye bye to u. U want something extreme but is the something legal?
I have a question. How are there able to cut cost?