ComfortDelGro reports 1Q22 net profit rose 30 percent on higher activity and one-off gain

ComfortDelGro taxis queue in Singapore. Photo by Benjamin Chan on UnsplashComfortDelGro taxis queue in Singapore. Photo by Benjamin Chan on Unsplash

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.