SMRT says net profit for third quarter FY2011 (3QFY2011) grew by 9.6% to $43 million on account of higher revenue and absence of impairment of goodwill, although this was partially offset by higher operating expenses.

Group revenue for the third quarter increased by $19.1 million or 8.5% to $243.9 million.

Revenue from Train operations increased by $11.0 million (9.0%) in 3Q FY11 as a result of higher MRT ridership, partially offset by lower average fare for MRT due to the implementation of distance fares. In addition, the opening of Circle Line Stages 1 and 2 contributed to the increase in revenue.

Revenue from Bus operations improved by 7.8% to $52.7 million in 3Q FY11 compared to the previous corresponding period due mainly to higher ridership, partially offset by marginally lower average fare.

Taxi rental revenue increased by 4.4% to $18.5 million in 3Q FY11 due mainly to improved hired- out rates and larger average hired out fleet.

Rental revenue grew by $1.8 million (10.7%) to $18.7 million in 3Q FY11 as a result of increased space following the redevelopment of commercial spaces at various MRT stations. 

Advertising revenue increased by 4.9% to $6.5 million in 3Q FY11 on a year-on-year basis and quarterly profit was 9.4% higher at $4.8 million due mainly to increased advertising on trains, MRT stations and buses.

Revenue from Engineering and Other Services was 11.5% higher at $12.4 million and quarterly operating profits increased by 5.3% to $3.7 million in 3QFY11. This was due mainly to increased contribution from consultancy and fleet maintenance revenue, partially offset by lower revenue from Palm Jumeirah.



SMRT says outlook in the next quarter and 12 months ahead for Train operations and the group is expected to remain challenging with continuing losses from Circle Line and volatility in both diesel and electricity prices.

 

 

 

SMRT (S53.SG) is +0.5% at $2.03, tracking mild gains by most other Singapore large caps, but continues to consolidate in a tight band with a downward bias after coming off from a $2.34 52-week high achieved in July.

The stock has lost 9.0% since the start of 2H10, vs the STI +10.5%, after the rail operator warned of a lower profit for its current FY ending March given higher operating costs and continuing losses from its Circle Line.

“We expect SMRT’s margins would take a hit from higher staff and fuel costs from opening the next three stages of the Circle Line network over the next 12-18 months,” says Macquarie, which has an Underperform call with a $1.75 target; “this is why SMRT’s revenue growth would not translate into earnings growth over the next two years.”



Resistance is expected at the 100-day moving average, last at $2.05. 

 

///theedge/i come i read i post FYI..

 

Retail real estate sluggish: DTZ

SINGAPORE

Average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter, the firm said.

For the third straight quarter, gross rents of prime first-storey space in the area stayed at $39.70 per square foot per month.

Rents in other areas in the city continued to decline. Prime first storey rents in these areas fell by 0.8 per cent to $24.10 per square foot per month.

Monthly gross rents of prime first-storey retail space in the suburban malls, meanwhile, were unchanged at $33.60 per square foot per month.

DTZ said the new supply of retail space last year led to a competitive environment, which did not support any increase in rentals.

Some 1.3 million sq ft of new retail space became available last year.

Other than the newly-completed and pipeline supply that have put a lid on rentals, the two new integrated resorts also had an impact, DTZ said.

The integrated resorts siphoned off some demand for shopping as more people spend time and money at the casinos instead of at the malls, it noted.

But with a robust economic recovery taking place, DTZ said retail rents should increase gradually next year as the new supply is eventually absorbed.— Singapore’s retail real estate continues to be dogged by supply pressure, according to property consultancy DTZ.

Goodness gracious?

Campaigns to promote graciousness will not work

Letter from Shasikala Kalai Silvan

FIRST it was Phua Chu Kang, the yellowbooted contractor, and now it is the Dim Sum Dollies. One cannot help but wonder which local icon would be the next ambassador to teach us to be gracious.

It has been over a week since the “Love Your Ride!” campaign was launched by the Public Transport Council to promote graciousness on public transport.

The campaign features jingles by the Dim Sum Dollies which are played during selected times at stations and in trains and posters reminding commuters to queue up, move in and give up seats.

In a survey conducted by the Land Transport Authority, one commuter felt it was a cheerful jingle and was entertaining, while another felt it was irritating and annoying.

Some commuters even felt that the $400,000 campaign was a waste of money.

Perhaps, the commuters surveyed were right indeed. How will repeatedly hearing jingles with phrases like “Makcik need your seat why you refuse?” and “Your attitude makes me want to scream my way home” change first-come-first-served mindsets?

There have been previous campaigns but we come across commuters who pretend that they are asleep when they see a pregnant woman or an elderly person board the train.

The point is, whether a commuter wants to give up his or her seat to someone who needs it more depends entirely on him or her.

Will commuters become more gracious on hearing such jingles?

If you have ever taken a crowded train and experienced being packed like sardines, no jingle can brighten your day or make you enjoy your ride.

I strongly feel that no campaign can teach anyone to be gracious. Graciousness should come from the heart by practice and not by learning from jingles or posters.

O V E R H E A R D :

When lOcal  nOn-talent and  fOreIgn tOlent  wOrk  tOgether,

the OUtcOme  Is  sUch  cOnfUsIOn ?

Service 851 bus was going nowhere

Letter from John Ang

I BOARDED a Service 851 bus in Henderson Road last Saturday at 6pm with the intention of alighting at the Clarke Quay bus stop.

A short distance into the trip, as the bus was in Outram Road, the driver turned left onto the Central Expressway. The passengers remained calm as they thought that there was a traffic diversion due to the Mooncake Festival in Chinatown.

A passenger then approached the driver for an explanation and it became apparent that the driver was not familiar with Singapore roads. The passengers became agitated when the bus reached the end of the tunnel and continued north.

I got off at the first opportunity and do not know what happened next.

I can only hope that the authorities do more to stop to such things from happening again.

If all the mrt train heads are fixed with  Tiger's face, then it will roar.   Next year, they will fix the rabbit's face infront of every train's head, then no sound.