SG: SMRT reports loss for first time

SMRT’s core business involves operating trains and buses, and for the first time, they have suffered a loss with their core. They reported a $25 million loss for the financial year, which ended 31st March. This drove their overall net earnings down to $61.9 million, an 11-year low. This shows that the increase in ridership doesn’t necessarily translate into profits. Their train services saw a 2.9 percent increase in ridership, but their operating profit dropped to just $5.5 million from the $65 million last year. Losses from their LRT services doubled to $2.1 million. To round up their public transport services, SMRT buses registered a $28.4 million loss as well. This loss can be attributed to added staff; SMRT employed more to increase its maintenance crew. Pictures used for illustration purposes only.