SBS Transit profits soar 42.1% to $11.1m in Q3

Higher revenue contribution from public transport services contributed to its enhanced financial performance.

SBS Transit profits grow by 42.1% YoY to $11.1m in Q3 due to higher revenue contributions from its public transport operations particularly in its bus services and increased rail ridership.

According to its financial statement, revenue also posted growth at 7.4% YoY to $295m in Q3 due to higher contribution from bus services with the transition to the Bus Contracting Model (BCM) last year.

Average daily ridership for rail services also grew by 1.3% YoY to 585k passenger trips for the North-East line, that for the Downtown Line (DTL) grew 10.2% YoY to 285k passenger trips and that for the Light Rail Transit rose 3.5% YoY to 122k passenger trips in Q3.

Increased revenue from the growth of daily ridership but was slightly offset by lower rail fare from the fare reduction enforced last year.

SBS Transit expects revenue on a sustained upward trajectory due to the BCM and the opening of the DTL 3 rail last October.

SBS Transit is a wholly owned subsidiary of ComfortDelGro.