Higher Fares coming! SMRT Q1 earnings down 21%

[manokie]

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Jul 30, 2010
SMRT Q1 earnings down 21%
By Jonathan Kwok
HIGHER costs sent first-quarter profits falling at transport giant SMRT Corp and there could be more of the same in the months ahead, it warned.

Net profit came in at $38.2 million for the three months to June 30, down 20.7 per cent from the $48.2 million recorded a year ago.

Revenue had a better time, rising 9 per cent to $235.3 million thanks to increased ridership on buses and MRT trains, and increased rental income. Revenue from Stages 1 and 2 of the Circle Line train operations also boosted the top line.

But it was just not enough to offset the hit from costs, which affected train, bus and taxi operations.

In particular, there were higher staff costs due to an increased headcount, salary adjustments and the cut in grants under the Job Credits Scheme. Repairs and maintenance costs were up along with electricity and diesel.

Earnings per share were 2.5 cents, down from 3.2 cents a year back, while net asset value per share at June 30 was 53.2 cents, up from 50.7 cents at March 31.





http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_560022.html









Fare raises soon!!! Get ready!!

 

[po2wq]

... But it was just not enough to offset the hit from costs, which affected train, bus and taxi operations.

In particular, there were higher staff costs ...

n dey have a ceo wif n overly-inflated salary ...

 

[lovesamleong]

Higher Fares coming! SMRT Q1 earnings down 21%

Is that why the trains are so pack? They don't put enough trains to run?

 

[Equalisation]

My goodness, as it is now, mrt packed like tunas .... 100,000 FTs still coming in soon ...:(

 

[SNAblog]

Revenue had a better time, rising 9 per cent to $235.3 million thanks to increased ridership on buses and MRT trains, and increased rental income. Revenue from Stages 1 and 2 of the Circle Line train operations also boosted the top line.

But it was just not enough to offset the hit from costs, which affected train, bus and taxi operations.

In particular, there were higher staff costs due to an increased headcount, salary adjustments and the cut in grants under the Job Credits Scheme. Repairs and maintenance costs were up along with electricity and diesel.

Bulk of the higher staff cost goes to increasing the salaries of CEO Saw Phaik Hwa and the other 5 top executives in SMRT. It is puzzling that while revenue rose by 9%, her top executives received pay hikes of 17.2%.

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_545212.html

Jun 24, 2010
Highest paid SMRT CEO
By Christopher Tan, Senior Correspondent

MS SAW Phaik Hwa, 55, was paid $1.67 million last year, including stock options, making her the highest-grossing chief executive that public transport operator SMRT Corp has ever employed.

Her deputy, Mr Yeo Meng Hin, 46, whose responsibilities include safety, emergency planning and security, took home $970,272 - making him the second best paid executive onboard.

The remuneration details were listed in SMRT Corp's latest annual report. Compared to the year before, Ms Saw's package was 7.1 per cent higher while Mr Yeo's grew by 13.3 per cent. Their compensation includes bonuses, benefits and company shares.

Remuneration for the company's top five executives, excluding Ms Saw's, totalled $3.2 million - 17.2 per cent higher than the previous year's. SMRT's total wage bill grew by 6.3 per cent to $294.8 million over the same period.
​

While previous annual reports did not provide detailed breakdowns of top-level remuneration, Ms Saw's predecessors - Mr Boey Tak Hap and Mr Kwek Siew Jin - were paid around $570,000 before share options.

Before share options, Ms Saw's package last year came up to $1.43 million. This compares favourably with what her counterpart at transport giant ComfortDelGro Corp got. Its chief executive, Mr Kua Hong Pak, 66, was paid between $1.75 million and $1.99 million last year, excluding options.

 

[kiss]

paying so much for a no-brainer business.

For a 50% cutoff salary, i am 200% sure there are singaporeans who can do just as good as her... if not, better.

We are not getting her to be some kinda investment banker or dealmaker something... why pay so much for salary ??

 

[cockcansing]

Really don't understand their logic. With the trains and buses packed during peak hours, surprise that their profits down! With more coming I do not thing that they claim their profits are down. Increase in their headcounts by how much that their profits went down? This is just to justify them raising the new fair which many had complained so much.

 

[johnny333]

MS SAW Phaik Hwa, 55, was paid $1.67 million last year, including stock options, making her the highest-grossing chief executive that public transport operator SMRT Corp has ever employed.

.

Wahh, pay is higher than the pay of Prez Obama, for running a monoplistic public transport service with alot of unhappy commuters

 

[Einfield]

1.) I will fire all chi liao bee, I can at least save more then 10 million there
2.) Bring in more train
3.) Increase frequency on peak hours till passenger are not packed like sardines
4.) Extend the hours of operation over weekends so those who want to have a drink can still catch a train home
5.) revise the pay of employees, give priority to local citizen.
6.) Outsource security because they sucks

I know this will not be done because the CEO is one of the chi liao bee.

MS SAW Phaik Hwa, 55, was paid $1.67 million last year, including stock options, making her the highest-grossing chief executive that public transport operator SMRT Corp has ever employed.

Her deputy, Mr Yeo Meng Hin, 46, whose responsibilities include safety, emergency planning and security, took home $970,272 - making him the second best paid executive onboard.

The remuneration details were listed in SMRT Corp's latest annual report. Compared to the year before, Ms Saw's package was 7.1 per cent higher while Mr Yeo's grew by 13.3 per cent. Their compensation includes bonuses, benefits and company shares.

Remuneration for the company's top five executives, excluding Ms Saw's, totalled $3.2 million - 17.2 per cent higher than the previous year's. SMRT's total wage bill grew by 6.3 per cent to $294.8 million over the same period.
​

 

[halsey02]

Wahh, pay is higher than the pay of Prez Obama, for running a monoplistic public transport service with alot of unhappy commuters

Not only monopolist, oligopolist also...one & the same people, so-called giving competition in a free economy...

 

[palden]

Another way of transfering public money into private pockets

 

[halsey02]

Another way of transfering public money into private pockets

Ah! my friend!, they will tell you, it is a public listed company...but leave out the good part, that, they are the majority stakeholder...

 

[hairylee]

Another way of transfering public money into private pockets

Yes. who would belief. Trains were packed and still not making money.

 

[soikee]

paying so much for a no-brainer business.

For a 50% cutoff salary, i am 200% sure there are singaporeans who can do just as good as her... if not, better.

We are not getting her to be some kinda investment banker or dealmaker something... why pay so much for salary ??

cos she's very good in tickling whore jinx's pussy.

 

[johnny333]

Another way of transfering public money into private pockets

One has to wonder how much 'extra' was made in the recent fare hike

Since a lost was supposedly made, will there be another far hike comming?

 

[johnny333]

Not only monopolist, oligopolist also...one & the same people, so-called giving competition in a free economy...

You left out Oldmanpoly