ComfortDelGro (CDG) has reported earnings of $57.5 million for the 3QFY2024 ended September, up 15.2% y-o-y from the same period last year.
The company’s earnings were also up by 5.1% q-o-q from $54.7 million in 2QFY2024, while its patmi margin was down at 4.9%, as compared to 5.0% in 3QFY2023.
Meanwhile, revenue for the period was up by 18.4% y-o-y at $1.18 billion, while operating costs increased to $998.5 million in 3QFY2024 from $833.4 million in the same period last year.
CDG’s public transport segment, comprising public buses, rail services and scheduled buses, recorded a $40.4 million, or 5.2% q-o-q, increase in revenue to $815 million in 3QFY2024, driven by contract renewals in the UK with improved margins and seasonality in scheduled bus activities.
Its taxi and private hire segment also posted a q-o-q revenue improvement of $0.7 million or 0.4% to $179.9 million in 3QFY2024 due to an increase in revenue from A2B in Australia. This was partially offset by lower CDG Singapore’s booking volumes due to continuing competitive pressures, and a slightly reduced fleet size.
As at Sept 30, CDG’s cash and short-term deposits stood at $813.3 million, down from $856.9 million as at Dec 31, 2023.
See also: Kimly reports higher FY2024 revenue but earnings down on higher depreciation and other costs
Shares in CDG closed flat at $1.49 on Nov 14.
