ComfortDelGro Q1 net profit rises 6.8%

COMFORTDELGRO Corp posted a 6.8 per cent increase in net profit to S$67.6 million for the first quarter ended March from S$63.3 million a year ago.

Revenue inched up 1.3 per cent to S$963.5 million from S$950.8 million, led by a topline improvement across most businesses.

The land transport stalwart said that if not for the negative foreign currency translation of S$8.9 million due to the weaker Australian dollar and sterling pound, revenue would have risen S$21.6 million or 2.3 per cent over the quarter.

Operating costs for the quarter rose 1.3 per cent to S$860.4 million on higher staff costs, depreciation, payments for contract services and road tax.

The increase was partially offset by lower fuel and electricity costs and lower insurance premiums and claims.

While actual operating costs increased by S$19 million, this was mitigated by a foreign currency translation gain of S$7.9 million.

Earnings per share was higher at 3.16 Singapore cents from 2.98 Singapore cents a year ago.

No dividend was recommended, the same as the previous period.