ComfortDelGro makes steady profit & revenue gains

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ComfortDelGro has released financial results for Q1 ended March 31, 2013. Revenue increased by 1.8% to £456.6m on broadbased growth from the same period in 2012. Operating profit increased by 2.8% to £50.3m, while net profit increased by 7.9% to £30.3m.

At Group level, Q1 revenue from the bus business increased by 1.2% to £217.9m. In the UK, revenue fell by 5.8% to £62.9m which the corporation attributed to the weaker Sterling Pound and two fewer days of revenue due to a difference in the timing of the billing cycles, which will be made up by the end of December.

The company expects its UK bus revenue to be maintained. In Singapore, revenue from SBS Transit increased by 6.8% to £81.1m due to a 2.3% growth in average daily bus ridership to 2.64m. The firm blamed rising operating costs for a widening of SBS Transit’s operating loss for the eighth straight quarter, now standing at £2.8m, an increase of 45.9%.

Revenue from the Group’s bus business in Australia grew by 4.3% to £62.3m due to an increase in services operated and contributions from Deanes Bus Lines which was acquired in September 2012. In China, revenue decreased by 34% to £3.4m after the divestment of loss-incurring Shenyang ComfortDelGro Bus.

Revenue from the firm’s overseas bus operations continued to exceed its Singapore operations, accounting for 59% of total Group bus revenue while operating profit from the overseas bus operations accounted for 92.4% of total Group bus operating profit.

Revenue for ComfortDelGro’s rail business increased by 4.4% to £18.7m while its taxi business’ revenue increased by 5% to £149m.

In the UK & Ireland, ComfortDelGro owns Metroline, Westbus, Scottish Citylink, Irish Citylink – in addition to a joint venture with Stagecoach on