ComfortDelGro Bus' revenue in Singapore falls 11.9% to $5.9m in 3Q12

Blame it on fewer contract and ad hoc jobs.

According to a company statement, ComfortDelGro Corporation’s revenue for the three months ended 30 September 2012 increased by $23.8 million, or 2.7% year-on-year, to a record $900.8 million on broad-based growth. In line with the growth in revenue, operating profit for the period increased by 2.8% to $116.8 million.

Third quarter net profit attributable to shareholders increased by 5.4% to $72.8 million, bringing the net profit attributable to shareholders for the year-to-date to $191.3 million.

Operations Review

• Bus:
At Group level, third quarter revenue for the bus business increased by 2.2% to $443.5 million.

In Singapore, revenue from scheduled bus services under SBS Transit increased by 6.2% to $154.1 million during the quarter as average daily ridership increased. Including revenue from advertising and rental, total revenue at SBS Transit increased by 7.0% to $165.2 million. SBS

Transit however continued to come under intense cost pressure during the quarter. As a result, its bus operations incurred an operating loss of $1.8 million, widening the loss of $42,000 incurred during the same period last year.

Revenue from the Group’s bus business in Australia increased by 3.8% to $120.5 million due to an increase in services operated and a favourable foreign currency translation effect.

Revenue from ComfortDelGro Bus in Singapore fell by 11.9 % to $5.9 million due to fewer contract and ad hoc jobs.

• Taxi:

At Group level, third quarter revenue for the taxi business increased by 6.6% to $281.9 million as gains in Singapore, China and Australia more than offset declines in the United Kingdom and Vietnam.

In Singapore, revenue from the taxi business increased by 9.8% to $210.4 million due to higher revenue from new replacement taxis, a larger operating fleet and a higher volume of cashless transactions.

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