SMRT submits new rail proposal requesting for more profits

SINGAPORE — Transport operator SMRT said it has submitted its proposal for a rail financing model to the government a month ago.

Speaking at the company’s fourth quarter results briefing today (May 2), SMRT’s CEO Desmond Kuek said it hopes the government will respond “as soon as possible”.

Mr Kuek adds that should the changes to the rail financing and bus operating models be approved, SMRT should “see a much more sustainable business outlook”.

SMRT has reported a net profit of S$16.9 million in the fourth quarter, compared to a loss of S$11.9 million in the same period a year ago.

For the full year ending March 31, 2014 SMRT booked a profit of S$61.9 million, down 25.7 per cent from a year ago.

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