- POSTED: 12 Aug 2014 19:15
The improved earnings were largely due to higher revenue. Second quarter revenue from bus operations gained 10.3 per cent and revenue from its rail operated jumped 20.9 per cent.
SINGAPORE: Bus and rail operator SBS Transit on Tuesday (Aug 12) reported a 57.2% increase in net profit for the second quarter - to S$4.9 million. The improved earnings were mainly due to higher revenue.
Second quarter revenue rose 12.3 per cent to S$235.1 million - with revenue from bus operations gaining 10.3 per cent to S$186.3 million and revenue from rail jumped 20.9 per cent to S$48.9 million. For the first half, net profit was up 38.1 per cent to S$8.3 million.
SBS Transit - which runs the bulk of Singapore's public bus services - says the outlook for the bus and rail segments continues to be challenging.
In a filing to the SGX, it said that staff costs are expected to be higher due to the headcount increase arising from the build-up for the bus service enhancement programme and Downtown Line 2, along with salary adjustments. With the renewal and expansion of the bus fleet, depreciation and financing costs are also expected to increase.
For the quarter, total operating expenses were up 11.7 per cent to S$228.4 million, with staff cost increasing 14.1 per cent and fuel and electricity costs rising by 8.8 per cent. SBS Transit shares closed 0.3% lower, at S$1.70 apiece.