ComfortDelGro (CDG) has reported earnings of $49.9 million for its 3QFY2023 ended Sept 30, up 54.5% y-o-y, as the company’s public transport segment improved from its performance last year.
The company’s earnings were also up by 9.2% q-o-q from $45.7 million in 2QFY2023, while its patmi margin increased to 5.0%, up over the 3.4% recorded in 3QFY2022 and 4.8% in 2QFY2023.
Revenue for the period was also up by 3.8% y-o-y to $996.6 million, while operating costs increased to $833.4 million in 3QFY2023 from $815.8 million in the same period last year.
CDG’s public transport segment, comprising public buses, rail services and scheduled buses, recorded a $28.5 million, or 3.9%, increase in revenue to $758.5 million in 3QFY2023, boosted by renewals in the UK, where indexation continued to improve margins.
Its taxi and private hire segment also posted a y-o-y revenue improvement of $6.8 million or 4.8% to $147.6 million in 3QFY2023 as platform fees were introduced for Singapore taxis from July 1 and China recorded lower rental discounts as its post-Covid reopening continues. Despite increasing competition in the private hire space, CDG's Singapore taxi fleet size held firm during the quarter, slightly increasing its market share.
As at Sept 30, CDG’s cash and short-term deposits stood at $849.9 million.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
Shares in CDG closed 1 cent or 0.76% down at $1.31 on Nov 14.
