SBS Transit’s income ramps up 19% to $7.2m

Increased number of passengers propelled profit.

SBS Transit’s net profit moved up 19% to $7.2 million in 2Q16 from $6.1 million in the same quarter a year ago. Likewise, the company’s top line rose 5.6% or $14.1 million to $269.0 million in 2Q16 from $254.9 in 2Q15.

According to SBS Transit, the upsurge was largely due to increased ridership in both of its bus and rail segments.

Average daily bus ridership inched up 2.1% to 2.9 million passenger trips for 2Q16, which translated to a revenue growth 0.6% to $203.9 million despite the fare rollback in December 2015, SBS Transit said.

Meanwhile, despite last year’s fare cut for the North-East Line and Light Rail Transit, the rail segment’s turnover in 2Q16 was still higher 24.6% to $65.1m than $52.3 million last year, thanks to rising number of commuters in all lines. The number of Downtown Line’s users swelled the most 204.8% to 212 thousand passenger trips in the quarter, SBS Transit added.