ComfortDelGro's operating costs edged up by a slower 2.2%

But staff expenses jumped.

According to DBS, EBIT margins improved marginally to 12.4% in 2Q13, from 12% and 11% in 2Q12 and 1Q13, respectively.

Operating costs increased by a slower 2.2% vis-à-vis topline growth, largely due to lower material and consumables cost (-14.9%) and fuel and electricity expenses (-5.9%), offset by higher staff (+5.6%), contract services (+6.7%) and depreciation and amortization (+4.9%) expenses.

Here's more from DBS:

The lower fuel cost was the result of its prior hedges in place.

2Q net profits were within expectations, with net profit up by 6% y-o-y to S$68.9m while revenues grew by 3% to S$908.4m.

As in 1Q13, revenue growth was broad-based, with only Automotive Engineering registering a dip. 1H13 net profit formed 48% of our FY13F earnings, similar to 1H12. An interim dividend of 3 Scts per share was declared (1H12: 2.9 Scts).

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