(From Article)
The Board of Directors of SMRT Corporation Ltd (the “Company”) wishes to announce that the Company and its subsidiaries (the “Group”) are expected to report a net loss for the fourth (4th) quarter ending 31 March 2013 (“4Q FY2013”).
This is in line with deteriorating profitability as indicated in Paragraph 7 of the Unaudited Financial Statements for the Third Quarter ended 31 December 2012.
Increasing operating costs without corresponding fare adjustments have adversely affected the Group’s profitability.
In addition, the Directors are of the view that it is appropriate to impair $17 million of goodwill in its associate, Shenzhen ZONA Transportation Group Co. Ltd., which will result in a loss for 4Q FY2013.
Notwithstanding the above, the Group is expected to be profitable for the full year ending 31 March 2013.
Further details of the Group’s performance will be disclosed when the Group announces its full year financial results.
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