Channel NewsAsia

ComfortDelGro Q2 revenue crosses billion-dollar mark for first time

The land transport group said overseas revenue accounted for the bulk of overall revenue, and expects revenue from its bus and rail businesses in Singapore to continue increasing. 

SINGAPORE: ComfortDelGro has reported a 9.9 per cent rise in second-quarter net profit to S$75.7 million. Revenue for the three months ended June 30 grew 11.9 per cent on-year to S$1.02 billion - crossing the S$1 billion mark for the first time.

The land transport group said the growth was broad-based, with overseas revenue accounting for over 40 per cent of overall revenue, and half of the group's operating profit. Revenue growth was also boosted by positive foreign currency translation of S$10.4 million.

In Singapore, bus operations revenue from SBS Transit rose 10.2 per cent to S$191.9 million, due to higher fares and ridership.

Meanwhile, revenue from its Singapore taxi business rose by 7.4 per cent to S$238.7 million. ComfortDelGro attributed this to higher rentals from replacement taxis, a larger operating fleet and an increase in cashless transactions. Income from its rail business increased by 20.8 per cent to S$48.8 million.

Looking ahead, the company cautions that cost pressures will continue to be felt throughout the group, but added that it expects revenue from the bus and rail businesses in Singapore to increase on higher ridership.

Tweet photos, videos and updates on this story to  @channelnewsasia