Buckle up: How ComfortDelGro's $5.7m operating losses derailed its Singapore business

It's a bumpy road for its bus and rail operations.

ComfortDelGro's profits may be driving at full speed with a 9.7% jump in PATMI but it looks like its Singapore business is on a bumpy road. According to OCBC Investment Research, CDG’s Singapore operations remain challenging as expected, with its core Bus and Rail businesses running into operating losses of S$4.7m and S$1.0m (excluding rental and advertising income), respectively.

Here's more:

The latter was impacted by start-up losses amounting to S$6.8m at DTL1. Average daily ridership has increased from 54k in 1Q14 to ~57k in Apr-May, but still short of LTA’s steady state ridership target of 75k.

On the other hand, CDG’s overseas operations continued its robust growth, conjuring up a 13.2% and 10.0% YoY growth in revenue and operating profit to S$376.5m and S$51.6m, respectively.

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