ComfortDelGro's net profit up 5.4% for the third quarter

ComforDelGro's net profit for the three months to Sept 30 rose 5.4 per cent to S$85.2 million.
ComforDelGro's net profit for the three months to Sept 30 rose 5.4 per cent to S$85.2 million.PHOTO: BLOOMBERG

SINGAPORE - Growth in ComfortDelGro Corporation's bus, taxi and rail businesses contributed to the rise in third quarter net profit.

Net profit for the three months to Sept 30 rose 5.4 per cent to S$85.2 million compared with the same period a year ago. Revenue increased by 1 per cent to S$1.048 billion.

Revenue growth was offset by decreases in turnover from the Automotive Engineering Services business, the Inspection and Testing Services business and the Driving Centre business, ComfortDelGro said in a statement on Friday evening.

Earnings per share was 3.97 Singapore cents, up from 3.78 Singapore cents last year. Net asset value per share was 105.22 Singapore cents as at Sept 30, up from 102.36 Singapore cents as at Dec 31.

Looking forward, ComfortDelGro said it expected revenues from the bus, taxi and rail businesses to be higher.

Revenues from the bus station business, the driving centre business and the car rental and leasing business are expected to be maintained, it said.

Revenue from the automotive engineering services business and the inspection and testing services business is expected to be lower, it added.

"The group will continue to face cost pressures and keen competition," it also said.

jkoh@sph.com.sg