An honorable member of the Coffee Shop Has Just Posted the Following:
SINGAPORE: Local bus and train operator SBS Transit posted a 27.8 per cent rise in 2014 net profit, helped by higher ridership and fares.
SBS Transit, Singapore's largest bus operator, said on Tuesday (10 Feb) it earned S$14.3 million in 2014, up from S$11.2 million in 2013, as revenue climbed 12.2 per cent to S$951 million.
Revenue from the bus segment rose 10.5 per cent to S$754 million, while revenue from the rail segment gained 19.5 per cent to S$197 million, boosted by the full year operation of the Downtown Line which raised ridership.
Average daily ridership on SBS buses increased by 3.2 per cent to 2.8 million passenger trips for 2014.
Looking ahead, SBS Transit said revenue is expected to be higher with higher ridership and higher average fare, citing the overall fare adjustment of 2.8 per cent approved by the Public Transport Council for bus and train fares that will take effect from Apr 5.
However, it added the outlook for bus and rail segments will continue to be challenging. "With headcount increases mainly from the build-up for Bus Service Enhancement Programme, Downtown Line 2 and salary adjustments, staff costs are expected to be higher. The continued renewal and expansion of the bus fleet is expected to result in higher depreciation and financing costs," it said.
SBS said its bus segment managed a 14.9 per cent rise in operating profit to S$12.3 million last year, helped by increases in average daily ridership and average fare, higher rental from shop renewals, increased advertising sales and other operating income.
But on its own, the core bus operation continued to suffer losses amounting to S$13.5 million in 2014.
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11-02-2015, 02:30 AM
SBS Transit profit up 28% in 2014, petrol price down, yet PTC want to raise fares!!
