SMRT reported its results today. The results are: SMRT’s 3QFY14 PATMI Declined 44.1% on $9 million Fare Losses. Net tangible asset per share is 50.8 cents as at 31 Dec 13, with basic earnings per share as at 3rd quarter FY14 at 0.9 cents. I am not surprised at SMRT stock results announced. SMRT as a stock is of interest to me as there are so many interesting factors coming into play on this stock. I mean public transport is a basic need and in Singapore, public transport is not operated and regulated by the public sector; we have a listed company in SMRT (beside SBS Transit) operating these trains with the LTA regulating SMRT. Then there are the twin aspects of service quality versus operating efficiency. And we must not forget that SMRT in serving the public has also to balance the train fares versus returns ......