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SBS Transit's Q1 profit up almost 64%

TRANSPORT operator SBS Transit's first-quarter net profit surged nearly 64 per cent to S$16.76 million, boosted by higher revenue.

Revenue increased 15.8 per cent to S$328.18 million as revenue contribution from public transport services was 16.3 per cent higher at S$313.3 million - mainly due to higher fees earned under the bus contracting model, higher ridership from rail services with the commencement of Downtown Line (DTL) 3 from October 2017 and higher other operating income. As such, operating profit jumped nearly 58 per cent to S$20.57 million.

Earnings per share for the quarter rose to 5.39 Singapore cents, up from 3.3 Singapore cents previously.

Looking ahead, revenue from public transport services is expected to be higher, while revenue from other commercial services is expected to be maintained, said SBS.

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