Here are some SMRT segmental information from the latest full year results. Particularly of concern is the latest 4th quarter performance.

• Train Operations:Revenue=149m (13% rise), Profit=19m (21% fall)
• LRT Operations:Revenue=2.6m(11% rise), Profit=0.068m (217% rise)
• Bus Operations:Revenue=55m(5.3% rise), Profit= -3.7m (110% fall)
• Taxi Operations:Revenue=29m(23% rise), Profit=1.2m (131% rise)
• Rental:Revenue=21m(14% rise), Profit=16m (14% rise)
• Advertising:Revenue=8.2m(37% rise), Profit=5m (25% rise)
• Engineering:Revenue=8m(1% fall), Profit=1.5m (77% fall)

Of real consequence have been that of train, rental, advertising and engineering. Train and engineering have fallen badly while rental and advertising have sustain it. The main attributable cause was energy and depreciation cost. With the bad press SMRT have been getting, couple with the announced 900m capital injection to improve on operations, this will further increase their depreciation expense. I do see much benefit from their previous CEO’s drive for Rental and advertising. That have been substantial to cushion part ......