SBS Transit's Q1 profit up 26.6% to S$10.2m

THE bus contracting model and higher rail ridership powered SBS Transit (SBST) ahead in the first quarter ended March 31, with its net profit jumping 26.6 per cent to S$10.2 million.

Revenue rose 7.6 per cent to S$283.4 million compared with the same period a year ago.

SBST is the unit of land transport giant ComfortDelGro and Singapore's biggest bus operator. It also runs a rail network.

Earnings per share was 3.30 cents, up from 2.61 cents in the previous corresponding quarter.

The group's net asset value per share was S$1.38, higher than the S$1.35 three months before.

No dividend has been declared for the current financial period.