SINGAPORE - Profits at SBS Transit rose in the second quarter due to increase in ridership and average fare in the bus and rail businesses.
Net profit for the three months to June 30 was S$6.1 million, up 22.8 per cent from the corresponding period last year. Revenue was S$254.9 million, up 8.4 per cent.
Although profits were higher due to increased revenue and lower fuel costs, this was offset by higher staff costs. High maintainence costs and depreciation in the bus business also lowered profits.
Revenue for the bus business was S$202.6 million, up 8.8 per cent. In the rail business, revenue was S$52.3 million, up 7 per cent.
Earnings per share was 1.97 cents, up from 1.61 cents last year.
Net asset value per share was S$1.08, up from S$1 on December 31.
SBS Transit declared an interim dividend of 1.65 cents, up from 1.25 cents last year. The dividend will be paid on August 27.