ComfortDelGro reported Friday its first quarter net profit rose 30.4 percent on-year to S$76.7 million as economic activity levels improved in both Singapore and the U.K. as Covid-related restrictions were relaxed.
The company posted a net gain on disposal of S$37.9 million, mainly on the sale of the Alperton property in London.
Revenue for the January-to-March period increased 3.9 percent on-year to S$895.9 million on higher contributions from public transport services, offset by lower taxi contributions, the land transport company said in a filing to SGX.
The revenue figure included government relief of S$4.7 million in the quarter, down from S$8.1 million in the year-ago quarter, ComfortDelGro said.
The taxi operations posted revenue of S$106.3 million for the first quarter, down from S$119.7 million in the year-ago quarter.
Public transportation services reported first quarter revenue of S$712 million, up from S$671.4 million in the year-ago quarter.