ComfortDelGro has reported earning earnings of $40.6 million for 1QFY2024, up 23.8% y-o-y.
This marks the fourth consecutive quarterly improvement post pandemic.
Revenue in the same period was up 10.8% y-o-y to $1 billion, led by broad-based improvement across its public transport and taxi businesses.
PATMI margin in the same period increased to 4% from 3.6%.
The bottom line too benefitted from lower rental discounts in Singapore and China, platform fees for taxi bookings in Singapore and higher net interest income derived from its cash balance of $922.7 million as of March, up 7.7% over the preceding quarter ended Dec 2023.
Managing director and group CEO Cheng Siak Kian expects sustained recovery to continue in the key markets.
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"The group will benefit from the integration of our recently completed acquisitions in the UK and Australia, and from the commencement of the new bus and rail contracts awarded recently in 2025. We remain focused on driving profitable growth and increasing shareholder value, he adds.
ComfortDelGro shares closed at $1.44, down 0.69% for the day, up 2.13% year to date.
