ComfortDelGro profit up 6.8% to S$53.5m

Thanks to the taxi business which accounted for about 43% of the increase in Group revenue.

ComfortDelGro Corporation said its first quarter revenue increased by S$52.4 million or 6.5% to S$855.4 million due to broad-based growth in the Group’s key businesses.

Meanwhile the bus business accounted for 34% of the increase in Group revenue; the automotive engineering services business 17%; the rail and vehicle inspection and testing businesses about 4% each; and the bus station business about 2%.

According to ComfortDelGro, these more than offset declines in revenue by the driving centre and car rental and leasing businesses. Revenue from the Group’s overseas operations, on the other hand, accounted for 40.7% of total Group revenue.

Operating expenses meanwhile increased by 6.4% during the quarter to S$762.1 million due mainly to an increase in headcount in Australia to support the growth of the business and an increase in the foreign workers’ levy in Singapore. An increase in the cost of contract services, fuel and electricity, as well as repairs and maintenance also helped drive expenses up.

However, operating profit for the quarter increased by 7.4% to S$93.3 million. Net profit attributable to shareholders increased by 6.8% to S$53.5 million.