ComfortDelGro's full-year net profit up 5% to $317.1m

On the back of lesser expenses due to weakened currencies.

Singapore transport group ComfortDelGro registered a 5% uptick in its net profit 2016 to $317.1m from $301.9m from the previous year. This came as its revenue slid 1.3% to $4.06b an actual revenue increase of $72.4m was eroded by a negative foreign currency translation effect of $124.4m.

The net profit was supported by the 1.7% decline in operating costs to $3.6b, as an actual increase of $48.4m was more than compensated by the favourable currency effect of $111.9m.

"As a result, operating profit for the year ended 31 December 2016 increased by 2.6% to $462.2m. It would have increased by 5.3% if not for the unfavourable currency translation effect," the group noted.

Here's the operations review stated in the group's SGX announcement:

Public Transport Services
At Group level, full-year revenue from the public transport services business fell by 1.1% to $2.31 billion as the actual revenue increase of $75.4 million was eroded by an unfavourable currency translation of $100.8 million from the weaker Sterling Pound and Australian Dollar.

Taxi
At Group level, full-year revenue for the taxi business increased by 1.1% to $1.34 billion, with actual revenue growth of $35.2 million partially eroded by a negative foreign currency translation effect of $21.2 million due to the weaker Sterling Pound, Renminbi, Australian Dollar and Vietnamese Dong.

Inspection and Testing Services
Revenue from the Group’s inspection and testing services business decreased by 3.4% to $107.1 million.

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