SMRT Financial Results FY2011

SMRT released its financial results recently for the financial year 1 April 2010 to 31 March 2011 (FY2011).

Key Performance Numbers

Net Profit $161.1 million (down 1.1%)
ROE   20.5% (drop 1.3% points)
EPS    10.6 cents (down 1.2%)
Total dividend per share  8.5 cents (80% of EPS)
Dividend yield 4.4% (based on share price as at 29 Apr 2011)

Net tangible assets per share 50.3 cents (up 3.9%)
Share price at 29 April 2011 was $1.90

Total revenue increased 8.3% to $969.7 million. However net profit after tax was reduced 1.1% to $161.1 million due mainly to higher staff and related costs and energy costs. As a result, Return on Equity (ROE) was lower at 20.5% and Earnings per share (EPS) was lower at 10.6 cents.

The Board proposed to keep the total dividend the same as previous year at 8.5 cents. This works out to 80 per cent of earnings per share. The dividend yield was 4.4% based on the last traded price last week.

When compared to dividend yield of ComfortDelgro (3.6%), SMRT has a better yield of 4.4%.

SMRT’s share price to net tangible assets was 3.7 times whereas price to book figure for ComfortDelgro was 1.7 times based on 31 December 2010 data. SMRT share appears pricier.

Copyright © 2011, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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