SBS Transit registers 1.6% revenue growth, higher energy prices hike operating costs

Operating profit showed a 16.1% fall to $6.9m.

In the first half of 2023, SBS Transit’s revenue rose by 1.6% year-on-year (YoY) to $744.4m.

This increase was primarily driven by higher rail revenue due to increased ridership, although it was partially offset by reduced bus revenue resulting from lower service fees.

Operating costs for the group grew by 2.7% or $18.9m, mainly due to higher energy prices, increased other operating expenses, and rising manpower costs.

Energy prices saw a significant increase of 10.3% or $12.4m, remaining at elevated levels.

ALSO READ: New fare formula to balance affordable rates and public transport’s financial stability

As a result, the group's operating profit for the first half of 2023 declined by 16.1% or $6.9m.

However, this decrease in operating profit was partly countered by higher interest income resulting from increased interest rates, along with lower tax expenses.

This combination led to a modest 0.4% or $0.2m growth in net profit attributable to shareholders, reaching $34.8m.

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