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ComfortDelGro Q1 net profit rises 6.8%

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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.

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.

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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.

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