SMRT Financial Results FY2013

SMRT released its financial results for the financial year 1 April 2012 to 31 March 2013 (FY2013) yesterday.

What a dismal performance it was.

Key Performance Numbers

  FY2013 FY2012 FY2011
Revenue $1,119 m (+5.9%) $1,057 m (+9.0%) $969 m
Operating Exp $1,045 m (+12.4%) $930 m (+17.2%) $794 m
Net Profit $83.3 m (-30.5%) $119.9 m (-25.6%) $161 m
ROE 10.7% (-4.4) 15.1% (-5.4) 20.5%
EPS 5.5 cts (-30.5%) 7.9 cts (-25.6%) 10.6 cts
Dividend/share 2.5 cts 7.45 cts 8.5 cts
Dividend payout 45.5% 94.3% 80.2%
NAV 50.5 cts 52.1 cts 52.6 cts
Share pr (End Apr) $1.48 $1.68 $1.90
Cash & Cash equiv $546 m * $195 m $376 m

* $450 m unsecured quoted notes issued in FY 2013.

Though total revenue increased by 5.9%, net profit plunged 30.5% to $83.3 million on account of increase in operating expenses of 12.4%.

Return on equity (ROE) dropped to 10.7% and it was about half of that achieved two years ago before the major disruption of its MRT line in December 2011 (and affecting FY2012 results and not FY2011 results).

Earnings per share plummeted by the same margin as net profit to just 5.5 cents. Total dividend was reduced to just 2.5 cents with dividend payout of 45.5%, much lower than 94.3% in FY 2012 and 80.2% in FY2011.

Net Asset per share declined 1.6 cents to 50.5 cents. Share prices tracked at end of each April moved down from $1.90 cents (April 2011) to $1.68 cents (April 2012) and $1.48 cents yesterday after the release of FY2013 results. Share price has since declined 11.5% from April 2011.

Cash and cash equivalents improved because of issuance of debt of $450 million in the financial year.

On a whole, it was another dismal performance continuing the downtrend from previous year. The outlook for next one year (FY2014) was not promising according to SMRT if nothing is done on the revenue side of the profit & loss statement.

Copyright © 2013, 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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