SBS Transit's Q1 earnings up 23 per cent on better margins from bus contracts

SINGAPORE - Transport operator SBS Transit posted a 23.3 per cent increase in earnings to $20.7 million for the first quarter ended March 31 as better margins from bus contracts continued to flow in.

SBST's profit margin before interest, tax and depreciation improved to 14.8 per cent, up from 13.6 per cent in the previous corresponding quarter. It had a net cash outflow of $26.6 million for the quarter, mainly from the repayment of borrowings, funding operating activities, the purchase of vehicles, premises and equipment and the repayment of lease liabilities, partially offset by the new loans raised.

Looking ahead, directors expect transit revenue to continue to grow, with full-year contribution from the Seletar and Bukit Merah government bus contracts.

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