SBS Transit reported 3.4% q-o-q growth in revenue to clock $334.85 million in 3QFY2021 ended September.
Profit after tax increased slightly, up 5.2% q-o-q, to $13.86 million. Operating profit came in at $0.17m before government relief.
Meanwhile, operating costs rose to $320.75 million from $310.57 million in the previous quarter.
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Government reliefs are tapering off in 2021, notes SBS Transit in its 3QFY2021 business update on Nov 11. SBS Transit received $13.93 million in government reliefs for the quarter, down from $16.02 million in the previous quarter.
SBS Transit's total assets as at the end fo September came in at $1,137.39 million, a 0.2% decrease from Dec 31, 2020.
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Meanwhile, total liabilities shrank 2.7% over the same period to $537.60 million.
Total equity grew 2.2% over the same period to $599.79 million.
Net cash position (excluding the finance leases) as at Sept 30 is $189.6 million, compared to $85.6 million as at Dec 31, 2020.
SBS Transit says it has $500 million of available cash and bank facilities undrawn to underpin the continuity of the business.
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"With the current Covid-19 restrictions being extended toNov 21 and working from home remaining as the default mode, rail ridership recovery is expected to be slow," adds SBS Transit.
Shares in SBS Transit closed 1 cent lower, or 0.33% down, at $2.98 on Nov 11.
