SBST Q3 earnings dive 44% to $3.5m

SBS Transit's (SBST) net profit for the third quarter ended Sept 30, 2013, slumped 43.8 per cent to $3.54 million, hit by losses at its two biggest businesses - bus and rail.

Revenue rose 7.4 per cent to $218.85 million on higher bus and rail revenue. But operating expenses rose 9.5 per cent to $213.52 million from a year earlier resulting in operating profit falling 39.1 per cent to $5.33 million.

Items contributing to higher operating expenses include staff costs (up 12.6 per cent at $98.84 million), repairs and maintenance (up 14.7 per cent at $28.33 million) and higher energy costs (up 2.7 per cent at $44.82 million).