SMRT reports 54 per cent decline in net income during first quarter of 2013-14

SMRT Corporation Limited has reported a net income of S$16.3 million during the first quarter of 2013–14, a decline of 54 per cent over the corresponding period figure in 2012–13. Its turnover of S$284.8 million during the first quarter of 2013–14 exceeded that of the previous year by 3.5 per cent. However, operating expenses increased by 11 per cent to S$272.13 million, on the back of higher staff costs and depreciation.