11 Feb '12, 3am

SBS Transit 2011 profit falls 32.4% on costs

Transport services provider SBS Transit said yesterday its full-year net profit fell 32.4 per cent to S$36.7 million, partly due to higher fuel and staff costs. Revenue increased by 4.2 per cent to S$751.1 million, but operating expenses rose at a faster rate of 7.5 per cent to S$705.4 million, the company said after trading hours. Operating profit was 29.4 per cent lower at S$45.7 million last year. Looking ahead, SBS Transit said it expects bus and rail ridership to increase at a slower rate due to weaker economic growth. It also expects fuel, electricity and staff costs to continue to rise. The bus segment is expected to be impacted more significantly by these cost increases and its outlook remains very difficult, the company said. The directors have proposed a final dividend of 2.80 Singapore cents per ordinary share.

Full article: http://www.todayonline.com/Business/Businessinbrief/EDC12...

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