Buses prove just the ticket as SBS Transit profit soars 70% to $80m

SBS Transit lifted revenue by 16.1 per cent to $1.38 billion in the 12 months to Dec 31, 2018.
SBS Transit lifted revenue by 16.1 per cent to $1.38 billion in the 12 months to Dec 31, 2018.ST PHOTO: CHONG JUN LIANG

SINGAPORE - Transport operator SBS Transit posted a 70 per cent surge in earnings to $80.1 million as new government bus contracts bolstered its bottom line.

The ComfortDelGro subsidiary lifted revenue by 16.1 per cent to $1.38 billion in the 12 months to Dec 31.

This was thanks largely to higher fees from the start of the Seletar bus package in March and the Bukit Merah one in November.

Higher rail ridership from the first full-year operation of Downtown Line 3 contributed as well.

The firm's operating costs rose 13.6 per cent to $1.29 billion, with the biggest increase attributable to fuel and energy bills.

Earnings per share increased from 15.15 cents to 25.71 cents while net asset value stood at $1.60, up from $1.44 a year earlier.

Directors have recommended a final dividend of 7.1 cents, up from 3.95 cents in the previous year.