ComfortDelGro’s profit inches up 5.4% to $85.2m in Q3

Thanks to lower fuel and electricity costs.

According to a report by OCBC, ComfortDelGro (CDG)’s net profit in Q3 stood at $85.2m, reflecting a 5.4% YoY climb. Its net profit for the first nine months of the year likewise edged up 6.3% to $233.7m.

Lower fuel and electricity costs (-8.1%) and materials and consumables (-14.5%) offset other operating expenses which increased, such as depreciation costs that climbed 9.7%. Staff costs inched up 3.1% as well due to the imminent launch of Downtown Line Phase 2 (DTL2) in December.

While operating profit suffered through a 20.1% YoY dip to $5.4m, but OCBC posits that recovery is in the cards for CDG. Management expects bus, rail, and taxi segments to enjoy revenue growth in the near future.