ComfortDelGro reports 3Q21 net profit rose 19 percent as public transport revenue rose

Trains at the Britomart Station in Auckland, New Zealand. Credit: ComfortDelGroTrains at the Britomart Station in Auckland, New Zealand. Credit: ComfortDelGro

ComfortDelGro reported Thursday its third-quarter net profit increased 19.4 percent on-year to S$25.8 million as public transportation revenue grew.

In addition, the year-earlier period had an impairment of S$17.5 million, the company said.

Revenue for the July-to-September period grew 7.4 percent on-year to S$880.3 million, the transportation company said in a filing to SGX.

Public transport services revenue increased 10.3 percent on-year to S$710.6 million in the quarter, with Australia public-transport schedules remaining stable and the U.K. running full public bus service schedules despite a national lockdown, ComfortDelGro said.

Taxi revenue fell 10.7 percent on-year in the quarter to S$97.3 million, mainly on higher rental discounts during Singapore’s phase 3 (Heightened Alert) period, the filing said.

Operating profit for the quarter fell 8 percent on-year to S$40.3 million including government Covid-related relief, compared with operating profit of S$20.5 million before including the relief, ComfortDelGro said, noting the year-earlier operating loss, excluding the relief, was S$400,000.

Operating costs grew 12.9 percent on-year to S$737.5 million in the quarter amid higher activity levels and rising fuel prices, the filing said.

Ridership of Singapore public transportation has remained at around 60 percent of pre-pandemic levels, the filing said.

Read ComfortDelGro’s filing to SGX.