ComfortDelGro,
SBS Transit post higher interim earnings
TWO-POINT cut in the corporate tax rate to 18 per cent took $10.3
million off ComfortDelGro's taxation bill for the six months ended
June 30.
That helped the transport giant post a 10.5 per cent or $10.8
million rise in net earnings to $113.9 million for the first
half.
The interim profits came on the back of an 8.6 per cent rise in
revenue to $1.46 billion, and came despite an 8.5 per cent rise in
expenses to $1.3 billion and a plunge in investment income.
Bus leasing charges and insurance and accident compensation saw the
biggest percentage rises in cost. They rose by 27.5 and 24.9 per
cent to $39.4 million and $44.7 million respectively.
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The transport group's Singapore subsidiary, SBS Transit, posted a
20.4 per cent rise in interim net earnings to $31.6 million on the
back of an 8.4 per cent rise in turnover to $320.9 million.
Its earnings per share rose from 8.66 cents to 10.37 cents, while
net asset value per share stood at 82 cents, from 90 cents
previously.
SBS Transit, which operates most of the buses in Singapore as well
as the North-East MRT Line, enjoyed higher ridership, higher fares
and higher advertising revenue.
Fuelled by sharply higher ridership, its rail operations made $3.7
million, reversing a loss of $1.5 million.
SBS Transit is declaring an interim dividend of six cents, up from
five cents previously.
It has applied for a fare increase this year, which if approved,
will take effect from October.
Why didnt they mention rising manpower and fuel costs 
