SBS Transit’s profit jumps by 17% to $16.7m

On back of surging rail and bus revenue.

More riders are raking in more profit for the public transport operator as its average ridership increased by 2.8% to 2.8m passenger trips for 2015.

According to a press release by SBS Transit, its group revenue hit the $1b mark with $1.023b in 2015, leaping by 7.7% from $951m last year. However, group operating costs also increased by 7.4% to $998.8m for the same year.

Group operating profit also rose by 21.7% to $25.2m in 2015, while net income from investments sank by 17.4% to $0.2m in 2015.

Meanwhile, earnings from its bus segment also drove up its total revenue, as it grew by 7.5% to $810.5m, due to increases in daily ridership, average fare and higher other operating income.

“Revenue from the Rail segment of $213.4m for 2015 was higher by 8.3% or $16.4m compared to $197.0m for 2014 due mainly to the increases in average daily ridership and average fare,” the press release said.

“For 2015, average daily ridership for the North-East Line (NEL) grew by 4.6% to 537k passenger trips and that for the Light Rail Transit (LRT) increased by 14.1% to 99k passenger trips as compared to 2014,” it added.