SBS Transit posted a 26.6 per cent rise in first-quarter earnings to $10.2 million on the back of better margins from bus contracting.
The ComfortDelGro-owned transport operator reported a 7.6 per cent increase in revenue to $283.4 million for the period ended March 31.
Lower finance and other operating costs shored up its bottom line.
Earnings per share stood at 3.3 cents, up from 2.61 cents in the same period last year.
Group net asset value per share climbed to $1.38, compared with $1.35 as at Dec 31.
Margin before interest, tax and depreciation improved from 11.2 per cent to 13.2 per cent.
SBS Transit said revenue from public transport services was bolstered mainly by the transition to the Bus Contracting Model as well as higher ridership from rail services. - THE STRAITS TIMES