SMRT Corp has reported a dramatic 70 percent drop in net profits for 2017.
In a report released today, the group stated that its after-tax profit for 2017 stood at S$26 million.
That’s less than 30 percent of what it made in 2016, and possibly its lowest in the past 20 years.
SMRT’s total revenue fell from S$811 million in 2016 to S$791 million.
The net profit drop comes as SMRT plunges more resources into repair and maintenance work, following a series of worst-ever performances in recent years.
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SMRT CEO Desmond Kuek has refused to resign despite the Singapore public giving him a vote of no-confidence.