from www.sgx.com
Financial
Report
read the parts in bold. their profit from bus division
dropped. profit are mainly derived from Advertisements and Rentals
of shops instead of from bus revenue.. i know some ppl will start
blasting SBST for increase in bus fares but pls look at the overall
situation..
QUOTED MESSAGE
8(a) Review of
Performance
Group revenue of $729.6m for 2008 grew by
8.9% or $59.6m as compared to $670.0m in 2007 due mainly to higher
bus and rail fare revenue and higher rental
income.
Operating expenses of $682.6m for 2008
increased by 10.7% or $65.8m as compared to $616.8m in 2007 due
mainly to higher fuel and electricity costs which increased by
43.1% or $55.5m.
Group operating profit of $47.1m for 2008 was
11.6% or $6.2m lower than that of $53.3m in
2007.
Net income from investments of $2.9m for 2008
was 51.0% or $3.0m lower than that of $5.9m in 2007 due mainly to
lower interest income on investments.
Consequently, Group profit before tax of $50.3m
for 2008 was 15.5% or $9.2m lower than that of $59.5m in
2007.
Taxation of $9.7m for 2008 was $0.2m higher
than last year due mainly to the write-back of overprovision in
deferred tax of $1.1m arising from the reduction in corporate tax
rate from 20.0% to 18.0% in 2007, partially offset by lower profits
generated in 2008.
Group
profit attributable to shareholders of the Company of $40.6m for
2008 was 18.9% or $9.4m lower than that of $50.0m in
2007.
A segmental breakdown by business is provided
under paragraph 13.
Turnover from Bus Operations for 2008 at
$572.0m was 6.8% or $36.6m higher than last year. Ridership
increased by 5.7% as compared to last year. However, operating profit from Bus Operations
dropped by 66.8% or $17.1m from $25.6m in 2007 to $8.5m in 2008 due
mainly to higher fuel cost, partially offset by higher bus fare
revenue.
Turnover from Rail Operations for 2008 at
$101.5m increased by 15.8% or $13.8m as compared to last year.
Ridership for North-East Line and the two light rail transit
systems went up by 15.5% and 14.4% respectively as compared to last
year. Operating profit from
Rail Operations of $10.4m was better by 152.0% or $6.3m as compared
to $4.1m in 2007 due mainly to higher rail fare revenue, partially
offset by higher electricity
cost.
Turnover from Advertisement Business for 2008
increased by 2.2% or $0.7m to $30.9m as compared to last year due
mainly to higher rail advertisements. Consequently, operating profit from Advertisement
Business for 2008 increased by 5.3% or $1.0m to $19.3m as compared
to last year.
Turnover from Rental Business for 2008
increased by 82.9% or $5.8m to $12.7m as compared to last year due
mainly to rental from new shops at the bus interchanges.
Operating profit from Rental
Business for 2008 increased by 69.3% or $3.6m to $8.9m as compared
to last year.
