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SBS Transit's Q3 profit jumps 62% to S$5.75m

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SBS Transit's (SBST) net profit for the third quarter ended Sept 30, 2014, rose 62.2 per cent to S$5.75 million as both its bus and rail businesses rode on higher average daily ridership and average fare, higher advertising sales and higher rental from renewals.

SBS Transit's (SBST) net profit for the third quarter ended Sept 30, 2014, rose 62.2 per cent to S$5.75 million as both its bus and rail businesses rode on higher average daily ridership and average fare, higher advertising sales and higher rental from renewals.

Third-quarter revenue climbed 13.6 per cent to S$248.6 million compared to the same period a year ago, while total operating expenses rose 12.8 per cent to S$240.8 million mainly on increased staff costs, premises costs and depreciation expense.

Staff costs shot up 18.1 per cent to S$116.8 million, while depreciation expense was 17.2 per cent higher at S$18.1 million. Earnings per share of 1.86 Singapore cents were up from 1.15 cents in the same period a year ago. No dividend has been proposed.

For the nine months to Sept 30, net profit spiked up 47.1 per cent to S$14 million on an 11.6 per cent rise in revenue to S$706.5 million.

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Year-to-date earnings per share of 4.54 Singapore cents were up from 3.09 cents in the previous corresponding period.

SBST shares closed one cent higher at S$1.69 on Wednesday.

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