Group revenue in 2Q FY2006 increased 5.6 per cent or S$9.7
million to S$182.1 million due to growth in revenue from all
businesses, except buses.
Operating profit rose 260.8 per cent to S$37.6 million. Excluding
the change in the estimated useful life for selected bus models,
severance payment in 2Q FY2006, the write-back of retirement
benefits provision and impairment loss on goodwill in 2Q FY2005,
operating profit for 2Q FY2006 would have been S$35.8 million, an
increase of 17.8 per cent.
PATMI for 2Q FY2006 declined by 50.8 per cent. Excluding the
one-off items mentioned above as well as the gain on disposal of an
investment and the write-back of deferred and current tax provision
in 2Q FY2005, PATMI for 2Q FY2006 improved 14.7 per cent over 2Q
FY2005.
SMRT's President and CEO Saw Phaik Hwa remarked: "SMRT was able to
sustain its profitability in a higher operating cost environment,
particularly fuel costs. The fare increase partly mitigated the
fuel cost increase. SMRT's profitability continued to improve due
to the growth of our non-fare businesses."
The Group declared an interim gross dividend of 1.5 cents per share
less 20.0 per cent tax equivalent to a net dividend of S$18.1
million.
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Wow...operating profit from buses increase by 45% compared to Q2
2005 even though revenue remained the same. Thanks to cost cutting?
