SBS Transit FY14 profit jumps 27.8% to $14.3m

SINGAPORE - Transport operator SBS Transit posted a 27.8 per cent gain in net earnings for the full year ended Dec 31, 2014 to $14.3 million.

This was on the back of a 12.2 per cent rise in revenue to $951 million, fuelled by ridership growth, higher fares, better rental from retail space, higher advertising sales and a full year of Downtown Line 1 operations.

Earnings per share stood at 4.62 cents, up from 3.62 previously. Net tangible asset per share however, dipped to $1, from $1.12 on account of dividend payment.

The 75 per cent-owned subsidiary of ComfortDelGro Corp improved its margin before tax, depreciation and amortisation to 9.6 per cent, from 9.1 previously.

In light of the improved results, directors are proposing a final divident of 1.05 cents per share, up from 0.9 cents.

If approved by shareholders at the 22nd annual general meeting to be held on April 22, it will be paid on May 8.