Date of Issue: 27 July 2011

Embargo Date/Time: 27 July 2011/5.05 pm

SMRT Corporation Ltd

251 North Bridge Road

Singapore 179102

Tel : 65 6331 1000

Fax : 65 6339 4229 www.smrt.com.sg

SMRT REPORTS LOWER NET PROFIT OF $34.8M FOR 1QFY12

• Net profit was lower due mainly to higher energy costs and staff and related costs

GROUP PERFORMANCE HIGHLIGHTS

Financial Highlights for First Quarter FY2012

Ended 30 June 20111

1QFY12

1QFY11

% Change

Revenue ($m)

253.1

235.3

7.5

Other Operating Income ($m)

5.4

4.4

23.5

EBITDA ($m)

71.6

75.6

(5.4)

Total Operating Expenses ($m)

216.0

193.6

11.6

Operating Profit ($m)

42.4

46.1

(8.1)

Profit Before Tax ($m)

41.5

45.7

(9.3)

Profit After Tax ($m)

34.8

38.2

(8.9)

Basic Earnings Per Share (cents)

2.3

2.5

(9.0)

Economic Value Added ($m)

21.8

25.4

(14.3)

As at 30

Jun 11

As at 31

Mar 11

% Change

Net Tangible Assets Per Share2 (cents)

52.5

50.3

4.4

Net Gearing

Net cash

Net cash

-

Group revenue increased by 7.5% or $17.7 million to $253.1 million due mainly to higher MRT and bus ridership, contribution from Circle Line, higher taxi rental revenue, increase in external fleet maintenance revenue and higher rental and advertising revenue, partially offset by lower average fare for MRT and bus.

Group operating profit was $3.7 million lower at $42.4 million. This was due mainly to energy costs increasing by 32.7% or $9.9 million for this quarter. Staff and related costs, repairs and maintenance and other operating expenses were also higher. These were partially offset by lower depreciation.

1 All figures are quoted in Singapore dollars.

2 Excludes intangible asset.

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SMRT Corporation Ltd

SMRT President and CEO Saw Phaik Hwa said: “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. In the next 12 months, the profitability of the Group will continue to be impacted by increasing cost pressures.”

OPERATING PERFORMANCE BY BUSINESS (1QFY12 AS COMPARED TO 1QFY11)

Revenue and Operating Profit by Business for First Quarter Ended 30 June 2011

Revenue

Operating Profit

S$m

1QFY12

1QFY11

% Increase/ (Decrease)

1QFY12

1QFY11

% Increase/ (Decrease)

Train

135.0

129.6

4.2

22.6

27.7

(18.6)

LRT

2.5

2.3

5.4

(0.2)

(0.1)

(162.0)

Bus

54.3

52.5

3.4

(4.4)

(0.8)

(466.5)

Fare Subtotal

191.8

184.5

4.0

18.0

26.9

(32.9)

Taxi

21.0

18.3

15.0

0.4

0.7

(36.8)

Rental

19.2

17.3

10.8

15.0

13.5

10.9

Advertising

7.1

6.2

14.0

3.9

4.1

(4.9)

Engineering & Other

Services

14.0

9.1

54.2

3.3

(1.1)

412.3

Non-fare Subtotal

61.3

50.9

20.4

22.6

17.2

31.6

Group Elimination/ Investment Holding

-

-

-

1.8

2.1

(14.3)

Revenue from Train operations increased by $5.4 million to $135.0 million as a result of higher ridership, partially offset by lower average fare for MRT due to the implementation of distance fares. Operating profit declined by $5.2 million to $22.6 million due mainly to higher energy costs and staff and related expenses. Staff and related expenses were higher due to increased headcount for the operation of Circle Line, increased train runs and absence of jobs credit.

Revenue from Bus operations was 3.4% higher at $54.3 million due mainly to higher ridership. Higher operating loss of $4.4 million was incurred in the quarter as compared to 1QFY11 due mainly to higher diesel cost, partially offset by higher revenue.

Taxi rental revenue increased by 15.0% or $2.7 million to $21.0 million, due mainly to larger average hired-out fleet. Operating profit decreased marginally by $0.2 million due mainly to higher depreciation and higher insurance cost, partially offset by higher revenue.

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SMRT Corporation Ltd

Rental revenue grew 10.8% to $19.2 million as a result of increased space following the redevelopment of commercial spaces at various MRT stations. Consequently, operating profit increased by 10.9% to $15.0 million.

Advertising revenue increased by $0.9 million to $7.1 million due mainly to increased advertising on trains, MRT stations, buses and taxis. However, operating profit decreased marginally by $0.2 million in the current quarter as a result of higher depreciation and other operating expenses.

Revenue from Engineering and Other Services increased by $4.9 million to $14.0 million due mainly to higher revenue from fleet maintenance and diesel sold to taxi hirers. In addition, payment of $0.7 million was received for Palm Jumeirah and recognized as revenue in the quarter. There was an operating profit of $3.3 million in 1QFY12 as compared to an operating loss of $1.1 million in 1QFY11. The operating loss in 1QFY11 was due mainly to no revenue being recognized in Palm Jumeirah while costs for the operation and maintenance of Palm Jumeirah continued to be incurred. As at reporting date, the Group’s outstanding exposure in Palm Jumeirah is about $1.8 million in trade receivables.

Details of the operating metrics are stated in the Annexon page 5.

OUTLOOK AND PROSPECTS

In the quarter ahead and next 12 months, Train and Bus operations are expected to face increasing cost pressures particularly in staff and related costs and energy costs. Staff and related costs will be higher due mainly to higher CPF rates and increased headcount. The higher headcount is contributed mainly by increased train runs and the ramp-up for the remaining Circle Line stages. Energy costs are expected to remain high with higher diesel and electricity prices. The profitability of Train and Bus operations will be impacted by the higher operating expenses. This will be partially mitigated by higher ridership and revenue contribution from the opening of all Circle Line stages from the second half of the year.

Stronger contribution from the rental business is expected to increase revenue by $7 million in

FY2012.

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SMRT Corporation Ltd

We have applied for the annual fare adjustment which is subject to approval by the Public Transport Council. Notwithstanding this, the profitability of the Group in FY2012 may not be maintained at previous year’s level in view of the rising costs and especially if energy prices remain at the current high levels.

- End -

Website: www.smrt.com.sg

Enclosures :

1) Unaudited Financial Statements for the First Quarter ended 30 June 2011

2) Presentation for Teleconference Briefing: 1QFY12 Financial Results

3) Speech by Lim Mei Nai, Vice President, Finance, of SMRT Corporation, at Teleconference

Briefing on First Quarter ended 30 June 2011

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Train

Total Ridership (’000)

Average Daily Ridership (’000)

OPERATING METRICS

1QFY12 1QFY11 4QFY111Q12 vs1Q11 (%)ANNEX1Q12 vs4Q11 (%)

Average No. of Passengers/Car Operated Average Peak Period Passenger Load/Car (No. of passengers) 1

Average Fare (cents)

LRT

Total Ridership (’000)

Average Daily Ridership (’000)

Average No. of Passengers/Train Operated

Average Fare (cents)

Buses

Total Ridership (’000)

Average Daily Ridership (’000) Load Factor2 (%)

Average Fare (cents)

Taxis

Holding Fleet (as of end-period)

Rental

Total Lettable Space (sqm)3

No. of Shops/Units (as of end-period)3

Average Occupancy Rate (%)3

1 An average of estimated maximum half-hour pax load per car during peak hours for selected stations along NSEW

lines and CCL.

2 As different vehicle types have different capacities, the average occupancy rate of buses is expressed as load factor.

3 Figures relate to spaces at MRT stations only.

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