ComfortDelGro profit up 12.5% to $69.1m

Bus:
At Group level, third quarter revenue for the bus business increased by 2.8% to $434.0 million.

The Group’s bus business in Australia saw revenue increase by 21.7% to $116.1 million due to an increase in services operated and a favourable foreign currency translation effect.

In Singapore, revenue from scheduled bus services under SBS Transit rose by 3.5% to $145.1 million during the quarter as average daily ridership increased. Including revenue from advertising and rental, total revenue at SBS Transit increased by 2.9% to $154.4 million. SBS Transit however came under intense cost pressure during the quarter on higher fuel and electricity costs. As a result, its bus operations incurred an operating loss of $42,000 - compared to an operating profit of $3.0 million during the same period last year.

Revenue from ComfortDelGro Bus however fell by 56.2% to $6.7 million due mainly to the absence of revenue from the Youth Olympic Games which was earned in the third quarter of 2010.

In China, bus revenue decreased by 11.6% to $13.7 million in the third quarter of this year due to the negative translation effect of the weaker Renminbi.

In the UK, revenue from the bus business was 1.9% lower at $143.1 million due to the negative foreign currency translation effect of the weaker Sterling Pound.

For the quarter ended 30 September 2011, revenue from the overseas bus operations accounted for 62.9% of total Group bus revenue. Despite the negative translation effect of the weaker Sterling Pound, the UK operations continued to account for the bulk of overseas bus revenue, or 52.4%. This was followed closely behind by the Australian bus operations at 42.6% and the China bus operations at 5.0%.

Taxi:

At Group level, third quarter revenue for the taxi business increased by 5.9% to $264.4 million as gains in Singapore, China and Vietnam, as well as the inclusion of revenue from Swan Taxis in Perth which was acquired in October 2010, more than offset the decline in the United Kingdom.

In Singapore, revenue from the taxi business increased by 6.1% to $191.7 million due mainly to a higher volume of cashless transactions and a larger operating fleet.

In China, revenue from the taxi business increased by 13.1% to $34.6 million with the gains partially offset by the negative translation effect of the weaker Renminbi.

In the UK, revenue fell by 16.1% to $30.7 million due to lower volumes of account work and the unfavourable translation effect of the Sterling Pound.

In Vietnam, revenue from the taxi business increased by 11.8% to $1.9 million.

Revenue from the Group’s overseas taxi business accounted for 27.5% of total Group taxi revenue.

Rail:

Revenue from the rail business in the third quarter increased by 11.5% to $34.5 million on continued ridership growth. Average daily ridership for the North East Line grew by 10.4% to 434,000 while that for the Punggol and Sengkang LRTs increased by 14.6% to 62,000.

Bus Station:

Revenue from the bus station business under Guangzhou Xin Tian Wei increased by 4.8% to $6.6 million from an increase in passengers using the station, an increase in cargo income and terminal rental as well as a higher average ticket price.

Vehicle Inspection and Testing:

Revenue from the vehicle inspection and testing business grew by 6.3% to $23.6 million as more vehicles were inspected and more non-vehicle testing projects completed.

Automotive Engineering Services:
Revenue for the automotive engineering services business increased by 21.5% to $117.1 million due mainly to higher revenue from taxi maintenance and vehicle assembly.