SBS Transit posted a S$20.7 million increase in earnings -- up 23.3 percent -- for the first quarter ended March 31, 2019.

Revenue grew 6.9 percent to S$350.8 million, while operating expenses increased 5.5 percent to S$324.5 million.

Average daily ridership on the Downtown MRT Line grew by 10.4 percent to 476,000 trips.

The more mature North East Line grew by 3.2 percent to 603,000 trips.

The Sengkang and Punggol LRT also saw a 10.4 percent rise in ridership to 141,000 trips.

Over the past decade, the residential population in Punggol has almost tripled from 54,560 in 2008 to 161,570 as of June 2018, based on data from the Singapore Department of Statistics.

Ang Mo Kio has a population of 165,710.

Advertising revenue also increased.

Growth to continue

Directors expect full-year contribution from the Seletar and Bukit Merah government bus contracts to grow transit revenue.

Rail revenue is also expected to grow on the back of rising ridership.

The 4.3 percent fare rise that came into effect on Dec 29, 2018, will also ensure healthy revenue.

Viable financial position

SBST remained in a viable financial position.

Group total assets increased by 4.9 percent to S$1.11 billion.

Group total liabilities increased by 6.9 percent to S$603.5 million.

Earnings per share rose from 5.39 to 6.63 cents.

Net asset value per share stood at S$1.64, up from S$1.60 at the end of 2018.

SBST's profit margin before interest, tax and depreciation improved to 14.8 percent, up from 13.6 percent in the previous corresponding quarter.