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, partially offset by rises in electricity
and wage costs.
--ST