Revenue is also lower due to the loss of the Jurong West contract package to SMRT in September 2024
[SINGAPORE] Bus and train operator SBS Transit ’s Q3 net profit fell 20.6 per cent year on year to S$14.5 million from S$18.2 million, due to lower interest income.
In its business update on Tuesday (Nov 11), the company reported a 2.4 per cent drop in revenue to S$386.5 million for the quarter.
The drop in revenue was attributed mainly to lower service fees for buses resulting from the loss of the Jurong West contract package to SMRT in September 2024, as well as lower fuel indexation. However, the loss was partially offset by higher rail fare and advertising revenue.
Operating costs fell 1.9 per cent year on year to S$370 million, mainly due to lower fuel and electricity costs resulting from lower diesel and electricity prices. However, this was partially offset by higher staff costs. Operating profit also declined to S$16.4 million, down 12.6 per cent from S$18.8 million a year ago.
Shares of SBS closed flat at S$3.25 on Tuesday, before the announcement.
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