ComfortDelGro Q3 Patmi up 33% to S$34.3 million on higher revenue

TRANSPORT operator ComfortDelGro posted third-quarter profit after tax and minority interests (Patmi) of S$34.3 million, up 32.9 per cent from S$25.8 million in the year-ago period.

Revenue was 10.1 per cent higher at S$969.5 million, up from S$880.3 million the year before, mainly due to post-Covid reopening and higher fuel prices, the company said in a business update on Monday (Nov 14).

About 41.9 per cent of its Q3 revenue was contributed by overseas markets, including the United Kingdom, Ireland, Australia, China, Vietnam and Malaysia.

Revenue for its public transport services rose 8.7 per cent to S$772.5 million, due in part to higher revenues from Singapore, it said. This was because of fuel indexation from higher oil prices as compared to private carriers of passengers, as well as improved rail ridership.

In Australia, higher revenues were contributed by fuel indexation and increased charter volumes. Meanwhile, the UK saw full schedules on public buses, as well as improvement in charter business activity levels after the easing of Covid-19 restrictions.

Operating costs rose 10.5 per cent to S$815.8 million in the quarter, mainly in line with increased revenues, the group said. There was also no government relief for the quarter, as compared to the same period a year ago.

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The group said the “persistent challenges” it faced in the third quarter are expected to continue, citing China’s zero-Covid policy and mutations as concerns, in addition to inflation and recession fears.

Shares of ComfortDelGro closed at S$1.36 on Monday, down S$0.01 or 0.7 per cent, before the business update.