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ComfortDelGro reports 30.4% higher 1QFY2022 PATMI of $76.7 mil

Felicia Tan
Felicia Tan5/13/2022 8:54 PM GMT+08  • 2 min read
ComfortDelGro reports 30.4% higher 1QFY2022 PATMI of $76.7 mil
ComfortDelGro taxis. Photo: CDG
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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.

See also: NetLink NBN Trust posts 1% increase in FY2022 DPU to 5.13 cents

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.

See also: Frencken Group posts 12.6% drop in 1Q earnings to $12.8 mil on lower margins, higher expenses

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.

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