SMRT Q2 net profit up 7.7%

Higher train ridership, as well as its rental and advertising business, helped to power SMRT Corp’s net profit up 7.7 per cent to $42.56 million for the second quarter ended Sept 30, 2008 compared with the same period a year ago.

Group revenue in Q2 grew 15.1 per cent to $227.03 million as total operating expenses also rose 17.9 per cent to $181.14 million due to increased diesel and staff costs.

‘SMRT has continued to grow its profits in this quarter,’ said president and CEO Saw Phaik Hwa. ‘However, volatile energy costs, inflation and higher operational costs will have an impact on our performance.’

Earnings per share in the second quarter rose to 2.8 cents from 2.6 cents year-on-year.

For the first half ended Sept 30, 2008, net profit rose 7.0 per cent to $82.87 million. Interim group revenue was 13.1 per cent higher at $442.97 million.

Earnings per share for the first half was 5.5 cents, up from 5.1 cent in the corresponding period. An interim ordinary dividend of 1.75 cents per share tax-exempt has been declared.

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