SBS Transit's full-year profit falls 39.8%

BUS and rail operator SBS Transit posted a 39.8 per cent drop in full-year profit as higher costs outweighed revenue growth in its key businesses.

Net profit for the year ended Dec 31 fell to $11.2 million, or 3.62 cents per share, as net profit margin shrank by one percentage point to 1.3 per cent.

Revenue actually rose 6.9 per cent to $847.3 million, but topline expansion was outpaced by total operating expenses, which grew 8.5 per cent to $831.8 million for the year.