10 Feb '12, 2pm

Buses drive down SBS' full-year earnings , due mainly to increased fuel and staff costs

The bus business dragged down profits at land transport operator SBS Transit in 2011. -- ST PHOTO: KEVIN LIM By Jonathan Kwok The bus business dragged down profits at land transport operator SBS Transit in 2011. The bus division, which has a large market share here, incurred an operating loss of $6 million due mainly to increased fuel and staff costs, though these were partially offset by higher fare revenue. The unit had made an operating profit of $14.9 million in 2010. The red ink from the buses helped send full-year earnings down 32.4 per cent from $54.3 million in 2010 to $36.7 million in 2011. Revenue went in the other direction, up 4.2 per cent to $751.1 million for the 12 months ending on December 31, 2011. A bright spot came from the rail segment, which recorded a 12.5 per cent rise in operating profit to $19.7 million, due mainly to higher rail fare revenue, part...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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