SBS Transit's H1 net profit falls 27.4% on lower ridership

Singapore

TRANSPORT operator SBS Transit posted a 27.4 per cent fall in net profit to S$32.6 million for the half-year ended June 30, as the use of public transport declined during the pandemic.

The impact of Covid-19 on the group's bottom line was largely cushioned by government grants of S$61.6 million, with most of the support coming from a 10-month wage subsidy. Without the government grants, the company would have incurred an operating loss of S$29.4 million.