Public aid boosts SBS Transit net profit to $50.32m

The public transport operator received $18.57m as part of the government's COVID-19 relief programme.

SBS Transit has reported a net income of $50.32m for the first quarter, boosted by government relief programmes during the pandemic.

This was 23.8% higher than the $40.64m net income reported in the same quarter last year, as the Job Support Scheme and other government reliefs only kicked in from April 2020.

Government relief brought the company a much needed $18.57m in funds, offsetting the $7.01m loss in operating profit compared to the same quarter last year. This brought SBS Transit's operating profit to $24.91m for the first quarter of 2021.

The company expects a prolonged and uneven recovery ahead, provided that COVID-19 does not have a second wave in Singapore.

Work-from-home practices have driven rail ridership down. While it has improved over the first quarter, SBS Transit said it is unlikely to return to pre-COVID levels.