LAND transport giant ComfortDelGro : C52 0% posted a 54.5 per cent rise in net profit to S$49.9 million for the third quarter ended Sep 30, 2023, from S$32.3 million a year earlier.

The company noted that its profit after tax and minority interests (Patmi) margin for the quarter rose to 5 per cent, from 3.4 per cent a year earlier. Revenue over the same period rose 3.8 per cent to S$996.6 million, from S$960.3 million a year ago.

In a business update on Tuesday (Nov 14), the company noted that its public transport business improved as renewals and indexation in the UK continued to improve margins.

Revenue for its public transport business in Q3 grew 3.4 per cent year on year to S$758.5 million, while operating profit gained 23.8 per cent to S$33.8 million.

As for its taxi and private hire business, the company noted that demand remains high, although competition is increasing.

It added that it has introduced a platform fee to its Zig app since July this year, and that its taxi fleet size holds firm, with a slight increase in market share.

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Revenue for its taxi and private hire business in Q3 grew 3.3 per cent to S$147.6 million, as operating profit rose 43.5 per cent to S$28.7 million.

Shares of ComfortDelGro shed 0.8 per cent or S$0.01 to S$1.31 on Tuesday, before the business update was released.