Derailed: SMRT profit down to $34.8m

The company is off track because of energy costs rising by 32.7% or $9.9m for the first quarter.

SMRT said staff and related costs, repairs and maintenance and other operating expenses were also higher.

“The operating performance in the quarter was affected by the higher energy costs and higher headcount mainly attributed to the operation of Circle Line and increased train runs,” said SMRT President and CEO Saw Phaik Hwa.

She said the profitability of the Group in the next 12 months will continue to be impacted by increasing cost pressures.

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