SBSTransit – BT

SBS Transit Q1 profit falls 59%

SBS Transit on Friday reported a 59.2 per cent decrease in year on year net earnings to $$4.84 million for the first quarter ended March 31, 2012.

Revenue increase of 4 per cent year on year to $191.28 million was insufficient to offset the 9.3 per cent increase in operating expenses.

Bus Operations incurred an operating loss of $3.7 million as compared to an operating profit of $0.5 million a year ago due mainly to higher fuel cost, higher depreciation, higher staff costs and higher repairs and maintenance costs, offset by higher bus fare revenue.

Revenue from rail operations for 1Q12 at $34.2 million was higher by 5.3 per cent compared to 1Q11 due to the increase in average daily ridership, offset by the decrease in average fare.

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