SBS Transit profit down 16.4% to $10.7m

Operating expenses for the third quarter reached $179.2m.

SBS Transit reported:

Revenue from Bus Operations for 3Q11 at $145.1m was higher by 3.5% or $5.0m due to the increase in average daily ridership of 5.9% offset by lower average fare as compared to 3Q10. For 3Q11, Bus Operations incurred a marginal operating loss of $42k as compared to an operating profit of $3.0m in 3Q10 due mainly to higher fuel cost and higher staff costs, offset by higher bus fare revenue, lower premises costs and lower other operating expenses.

Revenue from Rail Operations for 3Q11 at $34.5m increased by 11.5% or $3.6m from $30.9m in 3Q10. Average daily ridership for the North-East Line and the two light rail transit systems went up by 10.4% and 14.6% respectively as compared to 3Q10. Operating profit for 3Q11 of $5.0m was better by 20.9% or $0.9m as compared to $4.1m in 3Q10 due to higher rail fare revenue, offset by higher electricity cost.

Revenue from Advertisement Business for 3Q11 decreased by 11.2% or $1.1m to $9.1m as compared to 3Q10 due to the decrease in panel advertising sales. Operating profit for 3Q11 of $5.6m decreased by 6.9% or $0.4m as compared to 3Q10 due to lower bus advertisements revenue.

Revenue from Rental Business for 3Q11 increased by 3.9% or $0.1m to $3.7m as compared to 3Q10 due to higher income from roadshows at the interchanges. Operating profit for 3Q11 increased marginally by 1.0% to $2.7m as compared to 3Q10.

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