Next year to be challenging: SMRT
Transport operator SMRT says its business will continue to be challenging because of heightened operating requirements, unless there are commensurate and timely fare adjustments.
Speaking at the company's results briefing, CEO Desmond Kuek says the group expects impending changes to the rail financing and bus operating models will address the sustainability of its fare business in Singapore.
The pubic transport operator submitted its proposal for a rail financing model to the government a month ago.
And Mr Kuek says he hopes the government will respond "as soon as possible".
At the same time, SMRT says it will also grow its non-fare business which includes enhancing its engineering capability for local and international projects.
"The group will continue with its productivity efforts in FY2015 to help mitigate the declining profitability in the Fare business. The Group will continue to improve standards in service, reliability and capacity of our trains and buses."
It will also explore other commercial opportunities such the shop spaces in the new Sports Hub retail mall, located near Stadium MRT station.
SMRT reported a net profit of 16.9 million dollars in the fourth quarter, compared to a loss of 11.9 million in the same period a year ago.
For the full year ending March, 2014 SMRT booked a profit of 61.9 million, down almost 26 per cent from a year ago.
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