SMRT Q4 profit down 5.5% on higher costs

Singapore’s train operator SMRT Corp reported slightly lower profit in the fourth quarter on Tuesday as a result of higher oil and maintainance costs.

Net profit fell 5.5 per cent to $34.2 million or 2.2 cents a share in the the three months to March 31 2008, from $36.2 million or 2.4 cents a year ago.

A statement from SMRT said revenue grew 12 per cent to $208.5 million. ‘The strong performance mitigated the cost increases we faced,’ Chief Executive Officer Saw Phaik Hwa said in the statement.

The company’s energy costs rose 18 per cent to $89.7 million last year because of costlier electricity and diesel as well as higher consumption.

For the full year, net income increased 10 per cent to $149.9 million as more people travelled by SMRT’s trains, buses and taxis.

Shares of the company fell 1 cnet to $1.76 when the stock market closed.

Source from — BT ONLINE

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