Group profit after tax for the First Quarter 2006 at $14.6m was 11.8% or $1.5m higher than the corresponding quarter last year.
Compared to the corresponding quarter last year, Group revenue for the period rose by 5.2% or $7.5m to $152.0m mainly due to higher bus and rail fare revenue.
Other operating income at $3.9m was 22.1% or $0.7m higher than the same quarter last year mainly due to higher rental income.
Group operating expenses of $136.7m for the First Quarter 2006 was 5.6% or $7.2m higher than the corresponding quarter last year.The increase was mainly due to higher fuel costs arising from substantially higher fuel prices, offset by lower depreciation expense due to lower amortisation of bus refurbishment cost.
Net income from investments for the First Quarter 2006 increased by 44.1% or $0.7m to $2.2m mainly due to higher interest income earned on short-term deposits, held-for-trading and available-for-sale investments.
Income tax decreased by 10.3% or $0.3m to $2.9m for the First Quarter 2006 as certain income recognised during the period is not subject to tax.
Turnover from Bus Operations for the First Quarter 2006 at $125.5m increased by 3.1% or $3.7m against the corresponding quarter last year. The introduction of new bus services resulted in higher bus ridership of 0.8%. Operating profit from Bus Operations decreased by 4.7% or $0.6m to $12.8m against the corresponding quarter last year. The decrease in profit was mainly due to higher diesoline cost which was offset by higher bus revenue and other cost savings.
Turnover from Rail Operations for the First Quarter 2006 at $17.3m increased by 14.8% or $2.2m against the corresponding quarter last year. Ridership for North-East Line and the two light rail transit systems increased by 10.9% and 34.2% respectively. Operating loss for Rail Operations had been reduced by 12.1% to $2.2m from $2.5m in the corresponding quarter last year mainly due to the increase in turnover of $2.2m, offset by the increase in energy cost of $1.6m. Including the profits from rail advertisements and station rental (which were classified under Advertisements and Other income respectively), the loss attributable to rail business was $0.9m for the First Quarter 2006. This was lower by 43.8% or $0.7m compared to the loss of $1.6m in the corresponding quarter last year.
Turnover from Advertisement Business increased by 18.9% or $0.8m to $5.3m mainly due to higher bus advertisements. Consequently, operating profit from Advertisement Business for the First Quarter 2006 increased by 4.9% or $0.2m to $3.4m against the same quarter last year.
