Lower costs lifted results for ComfortDelgro in its second quarter

COMFORTDELGRO'S second quarter net profit expanded 5.3 per cent to S$85.2 million from the preceding year, thanks in part to a decline in total operating costs.

For the three months ended June 30, revenue slipped 1.4 per cent to S$1.022 billion. The decline in revenue was due mainly to an unfavourable foreign currency translation effect.

Actual revenue increased by S$3.1 million during the quarter but this was eroded by a negative S$18 million foreign currency translation effect, it said.

Q2 earnings per share inched up to 3.96 Singapore cents from 3.77 Singapore cents in the previous year.

It is proposing a dividend per share of 4.25 Singapore cents, up from four Singapore cents in the year-ago period.

For the half year period, net profit was 6.8 per cent higher at S$158.6 million even as revenue edged marginally higher by 0.9 per cent to S$2.02 billion.

ComfortDelGro group chief executive Kua Hong Pak said: "Even while uncertainties continue to persist in the countries we operate in, we will work at seeking suitable investment opportunities to sustain our long-term growth."