ComfortDelGro Q3 net profit rises 54.5% to $49.9 million
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ComfortDelGro noted that its Patmi margin for the quarter also rose to 5 per cent, from 3.4 per cent a year earlier.
ST PHOTO: KUA CHEE SIONG
Yong Jun Yuan
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SINGAPORE - Land transport giant ComfortDelGro posted a 54.5 per cent rise in net profit to $49.9 million for the third quarter ended Sept 30, from $32.3 million a year earlier.
The company noted that its Patmi (profit after tax and minority interests) margin for the quarter also rose to 5 per cent, from 3.4 per cent a year earlier.
Revenue over the same period rose 3.8 per cent to $996.6 million, from $960.3 million a year ago.
In its business update on Tuesday, the company noted that its public transport business improved as renewals and indexation in the United Kingdom continued to improve margins.
Revenue for its public transport business grew 3.4 per cent year on year to $758.5 million, while operating profit gained 23.8 per cent to $33.8 million.
As for its taxi and private-hire business, the company noted that demand remains high, although competition is increasing.
It added that it has introduced a platform fee to its Zig app since July, and that its taxi fleet size holds firm, with a slight increase in market share.
Revenue for its taxi and private-hire business grew 3.3 per cent to $147.6 million as operating profit rose 43.5 per cent to $28.7 million.
Shares of ComfortDelGro shed one cent, or 0.8 per cent, to $1.31 on Tuesday, before the update was released. THE BUSINESS TIMES
