ComfortDelGro posts Q2 net profit of S$65m

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ComfortDelGro has posted a second quarter net profit of S$65.0 million, up 8.5 per cent year-on-year.

Revenue rose 5 per cent to S$884.9 million.

The world's second largest land transport company says its taxi business accounted for the bulk of the increase in sales.

For the half year ended June 30, 2012, net profit grew 7.7 per cent to S$118.5 million, while revenue increased by 5.7 per cent to S$1.74 billion.

That brought earnings per share for the first half to 5.66 cents.

ComfortDelGro's Chief Executive Officer, Mr Kua Hong Pak, said: "We continued to grow our revenue and profit in the quarter despite the impact of cost pressures, particularly in the Singapore bus and rail businesses. We will continue to work hard at growing our topline while staying vigilant on costs."

Currently, overseas ventures account for 40.8 per cent of group revenue. Notably, overseas profit contribution accounted for 95.1 per cent of group bus operating profit. Overseas bus operating profit increased S$1.2 million in the second quarter.

That has helped to mitigate, but not fully offset the operating loss from its bus business in Singapore. The core scheduled bus business under SBS Transit in Singapore suffered an operating loss of S$4.8 million in the second quarter on higher staff and depreciation costs.