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Coffeeshop Chit Chat - SBS Transit record 22% inc in net profit</TD><TD id=msgunetc noWrap align=right>
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</NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:32 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>13338.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>SBS Transit records 22% on-year increase in net profit for Q1
By Wong Siew Ying, Channel NewsAsia | Posted: 13 May 2009 2144 hrs
SINGAPORE: Public transport operator SBS Transit reported a 22.8 per cent on-year increase in net profit to S$18.8 million for the first quarter of 2009.
This excludes a fair value loss on investments amounting to S$663,000 for the period.
SBS Transit said revenue for the quarter rose 1.5 per cent to S$179.6 million.
The increase was partly due to higher revenue from its rail operations, which climbed 10.5 per cent on-year to S$27.4 million.
But revenue from its bus operations dipped 0.4 per cent to S$142.2 million as a result of a fall in bus ridership.
SBS Transit said taxation was also lower after factoring in the write-back of provision in deferred tax of S$1.2 million arising from a reduction in corporate tax rate.
It reported earnings per share of 6.1 cents in the first quarter compared to 4.98 cents a year before. No dividend was recommended.
Going forward, SBS Transit expects its advertisement and rental businesses to continue to face challenging economic conditions.
It also expects bus revenue to slide further as a result of the fare reduction to be implemented from 1 April 2009 to 30 June 2010.
SBS Transit projects that for both its bus and rail business, the temporary fare cut and increase in transfer rebates will cost the company S$42.7 million.
This is likely to be more than the savings of S$21.5 million expected to arise from measures announced in the Singapore Government Budget 2009
[email protected]
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By Wong Siew Ying, Channel NewsAsia | Posted: 13 May 2009 2144 hrs
SINGAPORE: Public transport operator SBS Transit reported a 22.8 per cent on-year increase in net profit to S$18.8 million for the first quarter of 2009.
This excludes a fair value loss on investments amounting to S$663,000 for the period.
SBS Transit said revenue for the quarter rose 1.5 per cent to S$179.6 million.
The increase was partly due to higher revenue from its rail operations, which climbed 10.5 per cent on-year to S$27.4 million.
But revenue from its bus operations dipped 0.4 per cent to S$142.2 million as a result of a fall in bus ridership.
SBS Transit said taxation was also lower after factoring in the write-back of provision in deferred tax of S$1.2 million arising from a reduction in corporate tax rate.
It reported earnings per share of 6.1 cents in the first quarter compared to 4.98 cents a year before. No dividend was recommended.
Going forward, SBS Transit expects its advertisement and rental businesses to continue to face challenging economic conditions.
It also expects bus revenue to slide further as a result of the fare reduction to be implemented from 1 April 2009 to 30 June 2010.
SBS Transit projects that for both its bus and rail business, the temporary fare cut and increase in transfer rebates will cost the company S$42.7 million.
This is likely to be more than the savings of S$21.5 million expected to arise from measures announced in the Singapore Government Budget 2009
[email protected]
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