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ComfortDelGro sees 9.7% rise in Q1 net profit

Land transport group ComfortDelGro Corporations reported a 9.7 per cent rise in first quarter net profit from the same period last year.

SINGAPORE: Land transport group ComfortDelGro Corporations reported a 9.7 per cent rise in first quarter net profit from the same period last year.

For the three months ended March 31, the group's net profit rose to S$63.3 million.

This came on the back of higher group revenue which rose 9.2 per cent to S$950.8 million due to broad-based growth in its key businesses.

The company said that revenue from its overseas operations account for close to 40 per cent of total Group revenue.

In Singapore, bus operations revenue from SBS Transit increased by 7.2 per cent to S$165.9 million -- thanks to a 4.1 per cent growth in average daily bus ridership to 2.8 million.

Meanwhile, revenue from its Singapore taxi business rose by 7.8 per cent to S$228.3 million.

ComfortDelGro attributed this to higher rentals from replacement taxis, a larger operating fleet and an increase in cashless transactions.

At the same time, income from its rail business increased by 18.0 per cent to S$42.1 million.

Looking ahead, the company said it expects revenue from the bus and rail businesses in Singapore to increase on higher ridership.

Revenue from its bus business in the UK is also expected to rise with contributions from Metroline West.

However, revenue from the bus business in Australia is expected to decrease. 

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