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

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.

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.