ComfortDelGro's first quarter profit increases to $63.3 million

ComfortDelGro's year-on-year net profit for the first quarter of 2014, which ended on the 31^st of March, increased to $63.3 million, while revenue jumped 9.2 percent to $950.8 million. The transport firm has operations in several countries outside Singapore, including, Malaysia and Vietnam in addition to Austalia, China and the U.K.

The ComfortDelGro told The Business Times that the top line was boosted by growth across all business segments except for car rental and leasing business. However, operational expenses also rose by 9.6 percent - amounting to $849.3 million due to higher staff costs, fuel and electricity costs, payments for contract services and repairs and maintenance.

Revenue from its bus business rose 13 percent to $467.5 million, bolstered by strong overseas operations. Locally, SBS Transit, recorded an increase in revenue of 7.2 percent, despite reporting an operating loss of $4.7 million from its core bus operations, citing higher operating costs.

Revenue from its taxi business was up by 7 percent at $305.8 million, while revenue for its rail business was up 18 percent at $42.1 million. Core rail business' suffered an operating loss of $1 million - due to higher staff costs with the commencement of the Downtown Line.

ComfortDelGro said that it expected revenue from its Singapore and U.K. bus businesses to increase, while revenue from its bus business in Australia is likely to dive. The transport operator believes revenue from its rail business is expected to rise thanks to higher ridership and contributions from the Downtown Line.