ComfortDelGro (CDG) reported PATMI of $76.7 million for the 1QFY2022 ended March, 30.4% higher than PATMI of $58.8 million in the same period the year before.
During the period, revenue increased by 3.9% y-o-y to $895.9 million due to higher revenues across the group’s business segments, except its taxi segment.
Operating costs increased by 8.4% y-o-y to $731.9 million due to higher costs across all its segments, except the taxi segment.
EBITDA fell 12.3% y-o-y to $164.0 million.
Operating profit excluding non-recurring items fell 18.3% y-o-y to $69.3 million.
During the quarter, CDG reported a net gain on disposal of $37.9 million, 126.3 times higher than the net gain of $0.3 million in the same period the year before. The higher net gain was mostly from the gain on disposal of CDG’s Alperton property in London.
As a result, operating profit increased by 26.0% y-o-y to $107.2 million.
Operating profit before Covid-19 government relief increased by 98.3% y-o-y to $102.5 million.
Profit after tax (PAT) increased by 23.1% y-o-y $85.4 million.
As at end-March, net asset value (NAV) per share increased by 3.4% y-o-y to 129.2 cents.
As at end-March, CDG’s net cash position stood at $614.5 million.
During the period, ridership for CDG’s public transport is “slowly improving”, while its rail ridership stood at around 65% to 70% of pre-pandemic levels.
Shares in ComfortDelGro increased 2 cents or 1.44% up at $1.41 on May 13.