ComfortDelGro reports 6% rise in Q2 net profit to $68.9 million

Listed transport giant ComfortDelGro Corp lifted earnings in the second quarter, thanks to a better performance in almost all of its business units. -- ST FILE PHOTO: NG SOR LUAN
Listed transport giant ComfortDelGro Corp lifted earnings in the second quarter, thanks to a better performance in almost all of its business units. -- ST FILE PHOTO: NG SOR LUAN

Listed transport giant ComfortDelGro Corp lifted earnings in the second quarter, thanks to a better performance in almost all of its business units.

Net profit rose 6 per cent to $68.9 million for the three months to June 30 from the same period last year, while revenue grew 2.7 per cent to $908.4 million after a $10 million foreign exchange loss.

The only unit not to outperform was rail, which turned in an operating profit of $1.8 million, down from $4.6 million previously. This was because it was ramping up its headcount in preparation for the opening of Downtown Line 1 in December.

Operating expenses rose by 2.2 per cent to $795.8 million. Here, forex translations worked in favour of the global firm to the tune of $8.7 million.

Net profit for the first six months grew by 6.8 per cent to $126.6 million on the back of a 2.2 per cent rise in revenue to $1.78 billion.

This translates to an interim earnings per share of 6.0 cents for the half, up from 5.67 and in line with the expectations of analysts polled by Reuters.

Net asset value per share stood at 97.05 cents as at June 30, up from 95.54 on Dec 31. Group operating margin grew from 20.6 to 21.1 per cent.

An interim dividend of three cents a share was declared, up from 2.9 cents in the corresponding period last year.