SBS Transit has reported earnings of $79.0 million for the FY2020 ended December, 2.9% lower than earnings of $81.3 million in FY2019.

This translates to earnings per share (EPS) of 25.32 cents for FY2020, compared to 26.07 cents in FY2019.

Operating profit stood 22.7% lower y-o-y at $80.0 million.

The group’s bottomline was supported by the government grants of some $109.8 million received during the year.

Without the grants, the group would have recorded an operating loss of $29.8 million for the FY2020.

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FY2020 group revenue fell by 14.8% y-o-y to $1.23 billion.

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Revenue from Public Transport Services dropped 13.6% y-o-y to $1.20 billion due mainly to lower service fees from lower fuel indexation and operated mileage. The lower revenue was also due to lower rail ridership due to Covid-19.

Revenue from Other Commercial Services declined by 43.3% y-o-y to $35.1 million due to lower advertising revenue attributable to Covid-19 where lesser rail and bus campaigns were rolled out. The lower revenue was also due to rental rebates given to tenants.

Operating profit dropped by 8.2% y-o-y to $56.9 million mainly due to lower revenue, higher repairs and maintenance costs and higher operating costs, offset by lower staff costs mainly attributable to wage subsidies received and lower fuel and electricity costs.

A first and final dividend of 6.30 cents has been proposed for 2020, compared to total dividends of 13.05 cents in 2019.

The final dividend represents 25% of the group’s earnings as a “show of [the group’s] appreciation” for their shareholders’ continued support.

As at Dec 31, 2020, cash and cash equivalents stood at $85.6 million, higher than cash and cash equivalents of $31.5 million in Dec 31, 2019.

SEE: SBS Transit teams up with France's RATP Dev to bring world-class metro services to Singapore

Looking ahead, the group expects revenue from Public Transport Services to be higher compared to the year before.

Rail ridership is expected to recover gradually in Phase 3.

Revenue from Other Commercial Services is expected to improve with higher ridership.

Shares in SBS closed flat at $2.96 on Feb 9.