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ComfortDelGro revenue, PATMI slip in 3Q21 as commuters stay home

Jovi Ho
Jovi Ho • 2 min read
ComfortDelGro revenue, PATMI slip in 3Q21 as commuters stay home
Covid-19 government relief tapered to $19.8 million from $23.8 million in the previous quarter.
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ComfortDelGro reported slightly lower revenue of $880.3 million for 3QFY2021 ended September, down 0.7% q-o-q but up 7.4% y-o-y.

Meanwhile, PATMI declined to $25.8 million from $34.8 million in the previous quarter, but up 19.4% y-o-y from last year's lockdown period.

"[PATMI was] lower than 2QFY2020 due to Phase 3 (Heightened Alert) in Singapore," says ComfortDelGro.

"Operating costs increased in line with activity levels and rising fuel prices, reducing government reliefs," notes ComfortDelGro in its 3QFY2021 business update on Nov 11.


See: ComfortDelGro scraps Australia IPO plans

Operating costs came in at $737.5 million for the quarter, increasing from $727.2 million in the previous quarter and growing 12.9% y-o-y.

See also: Singtel's FY2024 earnings down 64% y-o-y to $795 mil, boosts full year dividend to 15 cents; announces new growth plan

Covid-19 government relief tapered to $19.8 million from $23.8 million in the previous quarter. This time last year, the government offered relief of some $44.2 million to ComfortDelGro.

ComfortDelGro's total assets came in at $4,857 million, down 2% y-o-y. Total liabilities came in at $1,751 million, up 7.3% y-o-y.

"Decrease in total assets mainly were due to depreciation and collection of receivables, partially offset by increase in cash and short-term deposits. Decrease in total liabilities were mainly due to scheduled repayment of borrowings," notes ComfortDelGro.

See also: City Developments announces new launches, lower interest cover in 1QFY2024 update

Total equity grew 1.2% y-o-y to $3,106 million for the quarter. "Increase in total equity was mainly due to profit for the period, partially offset by dividends paid," adds ComfortDelGro.

Net cash position as at Sept 30 is $457.5 million, compared to $190.5 million as at Dec 30, 2020.

For more stories about where the money flows, click here for our Capital section

The Group has available facilities of approximately $770 million in various currencies, says ComfortDelGro.

Shares in ComfortDelGro closed 5 cents lower, or 3.1% down, at $1.56 on Nov 11.

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