ComfortDelGro reverses last year’s losses with $91m net profit

The transport company received $57.2m in government reliefs for the first half of the year.

ComfortDelGro announced a net profit of $91m for the first half of the year, reversing the $6.6m losses recorded for the same period last year.

It recorded growth in all key financial segments, it said in a bourse disclosure, amidst the volatile environment brought by COVID-19 and its Delta variant.

It received a total of $57.2m in government reliefs for the first half of the year, and $82.3m in the half preceding. It expects these relief measures to taper off over time.

“The global situation continues to be difficult but it is definitely an improvement over the catastrophic conditions we all experienced last year. Whilst the situation may have improved compared to last year, the continuous see-saw effect of lockdowns and re- openings has taken its toll on businesses and the community alike,” said ComfortDelGro managing director and CEO Yang Ban Seng.

Its public transportation business, comprised of bus and rail services, grew by 11.3% with a revenue of $1.4b driven by improved rail ridership and fuel indexation in Singapore and higher ad hoc charter activities in Australia.

Meanwhile revenue from its taxi business rose by 36.5% to $255.9m for the first half due to the COVID-19 relief schemes extended to drivers as business activity resumed.

ComfortDelGro expects a slow and uneven recovery in ridership amidst the outbreaks of new COVID-19 variants in the countries where it operates.