SINGAPORE: Land transport operator ComfortDelgro posted on Wednesday (May 13) a 6.8 per cent rise in first quarter net profit, helped by stronger revenue from its bus, train and taxi operations.
ComfortDelgro, which operates in several countries including the UK, Australia and China, earned S$67.6 million in the three months ended March, up from S$63.3 million in the same period a year ago. Revenue for the quarter increased by 1.3 per cent to S$963.5 million.
Growth was broad-based with most businesses experiencing topline growth, ComfortDelgro said in a statement. If not for the negative translation effect of the weaker Australian dollar and Sterling Pound, revenue would have increased by S$21.6 million or 2.3 per cent, it added.
ComfortDelgro said revenue from its Singapore taxi business increased by 5.5 per cent to S$240.9 million during the quarter due to higher rentals from replacement taxis, a larger operating fleet and an increase in cashless transactions.
As for the rail business in Singapore, revenue increased by 8.1 per cent to S$51.0 million. Average daily ridership for the North East Line grew by 5.2 percent to 526,000, while average daily ridership for the Downtown Line 1 and the Punggol and Sengkang LRTs rose by 24.1 per cent to 67,000 and 13.3 percent to 95,000, respectively.
Looking ahead, ComfortDelgro said revenue from the bus business in Singapore is expected to rise on higher ridership and fares.
Revenue from bus operations in the UK is also expected to grow from new routes started in the first quarter of 2015 and contract price adjustments, while revenue from the bus business in Australia is expected to be maintained.
As for taxis, revenue from Singapore will likely rise with more cashless transactions and new replacement vehicles, while revenue from the UK, China and Vietnam is expected to be maintained.
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