SBS Transit posts lower profits for 2020
10 Feb 2021|1,042 views
Transport operator SBS Transit posted a 2.9% dip in full-year earnings to $79 million, as effects of the COVID-19 pandemic were partly offset by government relief. Without public aid, the ComfortDelGro subsidiary would have posted an operating loss of $29.8 million in 2020, down from $103.5 million in gains in the same 12 months in 2019.
Lower ridership on the back of the pandemic dragged revenue down by 14.8% to $1.23 billion. A sharp drop in fuel and energy cost mitigated the impact of the pandemic. Earnings per share fell from 26.07 cents to 25.32 cents. SBS Transit's margins before depreciation and taxes improved to 15.4%, from 14.4 previously.
Net asset value per share stood at $1.88, from $1.69 previously. The company said average daily ridership for the Downtown Line dropped by 46% to 257,000 trips, while ridership for North East Line dropped by 40.9% to 355,000 trips. The Sengkang-Punggol LRT saw a 31.2% ridership drop to 97,000 trips a day. Average fares, however, were higher.
Directors expect revenue from public transport to improve this year, in the absence of any further circuit breakers, but added that uncertainty remains.They are recommending a final dividend of 6.3 cents, up from 5.9 previously. No interim dividend was paid for 2020.
Transport operator SBS Transit posted a 2.9% dip in full-year earnings to $79 million, as effects of the COVID-19 pandemic were partly offset by government relief. Without public aid, the ComfortDelGro subsidiary would have posted an operating loss of $29.8 million in 2020, down from $103.5 million in gains in the same 12 months in 2019.
Lower ridership on the back of the pandemic dragged revenue down by 14.8% to $1.23 billion. A sharp drop in fuel and energy cost mitigated the impact of the pandemic. Earnings per share fell from 26.07 cents to 25.32 cents. SBS Transit's margins before depreciation and taxes improved to 15.4%, from 14.4 previously.
Net asset value per share stood at $1.88, from $1.69 previously. The company said average daily ridership for the Downtown Line dropped by 46% to 257,000 trips, while ridership for North East Line dropped by 40.9% to 355,000 trips. The Sengkang-Punggol LRT saw a 31.2% ridership drop to 97,000 trips a day. Average fares, however, were higher.
Directors expect revenue from public transport to improve this year, in the absence of any further circuit breakers, but added that uncertainty remains.They are recommending a final dividend of 6.3 cents, up from 5.9 previously. No interim dividend was paid for 2020.
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