Higher electricity and staff costs offset the 8% YoY revenue increase.
Rail operator SMRT Trains Limited's full-year profit after tax (PAT) plummeted by 82% to $7.5m in FY 23/24 from $42.5m in FY 22/23, despite reporting a 9% YoY higher revenue of $886.7m.
According to SMRT Corporation, the parent company of SMRT Trains, higher electricity and staff costs partially offset the revenue increase, resulting in lower PAT for the period.
SMRT Corporation also attributed the significant difference between its PAT in FY22/23 and FY23/24 to a one-time $40.8m dividend payout from the Thomson–East Coast MRT line in FY22/23 made from accumulated profits since the line began operations.
Meanwhile, the rail operation posted earnings before interest and tax (EBIT) of $6.2m in FY23/24, close to the $6.1m reported in FY22/23.
