The increase was due to lower taxes.

SBS Transit posted a profit after tax of $18.2m for Q3 2024, reflecting a 1.7% year-on-year (YoY) from the $17.9m in Q3 2023 amidst a lower tax expense.

Revenue for the period also rose 2.1% YoY to $396m from $388m a year ago due to higher average fare and ridership for rail and other operating income, partially offset by lower bus service fees amidst lower mileage and fuel indexation.

Commercial services, which rose by $0.58m due to increased income from digital screen advertisements, also contributed to the revenue growth.

On the flip side, operating profit slipped 0.1% as operating costs rose by 2.3% YoY to $377m.

SBS Transit expects rail operations revenue to decline due to the 6.0% fare increase effective 28 December and ridership growth. Bus operations revenue is also expected to decline following the handover of the Jurong West bus package on 31 August.

Meanwhile, the company expects cost increases to moderate with lower inflation and energy prices.