SINGAPORE: Transport company ComfortDelGro posted a 6.5 per cent increase in full-year net profit to S$301.9 million, crossing the S$300 million mark for the first time.
In a media release issued on Friday (Feb 12), ComfortDelGro said full-year revenue rose 1.5 per cent to S$4.11 billion, led by the bus, taxi and rail businesses.
Actual revenue increased by S$83.2 million but this was partially offset by a negative foreign currency translation effect of S$23 million, it added.
Revenue from the bus business moved up 3.1 per cent to S$2.12 billion. However, the actual increase of S$99.5 million was eroded by an unfavourable currency translation of S$35.3 million from the weaker Australian dollar, the transport company said.
For its taxi business, revenue grew by 3.4 per cent to S$1.33 billion, with actual revenue growth of S$33.2 million helped by a positive foreign currency translation effect of S$9.9 million.
As for the rail business, revenue increased by 8.4 per cent to S$213.4 million. ComfortDelGro added average daily ridership for the Northeast Line, Downtown Lin and the Sengkang and Punggol LRTs increased by 4.6 per cent, 23.5 per cent and 14.1 per cent - to 537,000, 76,000 and 99,000 - respectively.
However, revenue from the group's inspection and testing services business dipped by 1 per cent to S$110.9 million.
Looking ahead, ComfortDelGro said that due to the fare reduction of 1.9 per cent, revenue from the Singapore bus business is expected to be lower. Revenue for the bus business in Australia is expected to be the same, while bus business revenue in the UK is expected to go up due to new services.
Meanwhile, revenue from the rail business is expected to increase due to the commencement of service of the Downtown Line Stage 2, but this will be offset by the reduction in fares, it said.
Revenue for the taxi business, driving centre business and car rental and leasing business is expected to be maintained, while revenue for the bus station business in Guangzhou, the automotive engineering services business, as well as the inspection and testing business are all expected to be lower.
"Keen competition and cost pressures will continue to be felt throughout the Group," said ComfortDelGro.