Revenue rises 16.4% to S$1.2 billion, whereas operating costs climbs at a slower pace of 15%
[SINGAPORE] Transport behemoth ComfortDelGro posted a 19 per cent rise in its net profit of S$48.3 million for the quarter ended March on contributions from last year’s acquisitions and improved margins.
It said in an update for the first quarter of FY2025 published on Wednesday (May 14) that revenue rose 16.4 per cent year on year to S$1.2 billion, whereas operating costs climbed at a slower pace of 15 per cent.
Overseas segments made up for more than 50 per cent of total revenues for the first time in the group’s history, as acquisitions in Europe and Australia drove up foreign contributions to 52.6 per cent from 43.3 per cent for the year-ago period.
Revenue from Singapore was lower, contributing 47.4 per cent, after the Jurong West bus package was handed over to a new operator late last year.
However, the local business was responsible for 60.2 per cent of the group’s operating profit, and benefited from cost control and internal efficiencies, ComfortDelGro said.
By segment, public transport earned a higher operating profit of S$36.7 million for the group, up 52.9 per cent from S$23.8 million.
ComfortDelGro’s taxi and private hire reported an 11.9 per cent rise in operating profit to S$32.1 million, while other transport swung to an operating profit of S$700,000 from an operating loss of S$1 million.
Car and non-vehicle inspection and testing services generated S$9 million in operating profit, up 8.4 per cent, while other segments reported a 150 per cent surge in operating profit to S$3 million.
ComfortDelGro shares were 0.7 per cent or S$0.01 lower at S$1.52 on Wednesday, before this business update was published.
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