ComfortDelGro's Q2 earnings jump on bus, taxi, rail business

Transport giant ComfortDelGro's bus, taxi and rail businesses all combined to drive up earnings in the second quarter. -- PHOTO: ST FILE 
Transport giant ComfortDelGro's bus, taxi and rail businesses all combined to drive up earnings in the second quarter. -- PHOTO: ST FILE 

SINGAPORE - Transport giant ComfortDelGro's bus, taxi and rail businesses all combined to drive up earnings in the second quarter.

Net profit jumped 9.9 per cent to $75.7 million for the three months to June 30 from the previous year, the firm told the Singapore Exchange on Wednesday.

Revenue shot up 11.9 per cent to $1 billion in the period, which the firm said was boosted by a stronger sterling pound.

Overseas operations made up 41.2 per cent of revenue, it noted in a statement.

ComfortDelGro operates more than 46,300 buses, taxis and rental vehicles across seven countries - Singapore, China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia.

In the buses segment, the company said growth from its operations in the United Kingdom (UK) and Singapore more than offset a decline in Australia and China.

Revenue from its buses in Singapore climbed 10.2 per cent to $191.9 million due to higher fares and more bus riders, it said.

As for its Singapore taxi business, revenue in the second quarter expanded 7.4 per cent to $238.7 million from last year due to higher rental from new replacement taxis, a larger operating fleet and an increase in cashless transactions, it said.

It also raked in 20.8 per cent more revenue from its rail business, at $48.8 million in the quarter compared with last year.

It noted that the average number of daily riders for the North East Line grew 6.8 per cent to about 502,000 in the second quarter, while the figure for the Punggol and Sengkang LRT lines rose 10.2 per cent to about 84,000 people. The average daily number of riders for the newly-opened Downtown Line 1 was 58,000 in April through June, it added.

ComfortDelGro declared an interim dividend of 3.75 cents a share, to be paid on Aug 28.

The counter lost four cents to close at $2.56 on Wednesday before the results were released.