SMRT’s Net Profits Drop 70 Percent, Hitting 20-Year Low in 2017


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.

READ: SMRT Sets a New Record: Morning Peak Hour Train Services Disrupted on 3 Train Lines

READ: 28 Injured after SMRT Train Hits Another Train at Joo Koon MRT Station

READ: Millions Down the Longkang: MRT Flooding Incident Cost SMRT S$2 Million in Repairs

SMRT CEO Desmond Kuek has refused to resign despite the Singapore public giving him a vote of no-confidence.



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