ComfortDelGro 9M net profit falls 20% to S$141.1 million on weaker taxi and private-hire earnings

ComfortDelGro Corporation reported a 20% decline in net profit to S$141.1 million for the nine months ending September 30, due to weaker earnings from its taxi and private-hire businesses. The company secured a contract to operate and maintain the Copenhagen Metro in Scandinavia, valued at approximately S$3.4 billion, which covered four automated lines, 44 stations, and 43 kilometers of track.

This contract ran for 12 years with an option to renew for an additional three years. Public transport earnings, including renewed contracts in London, partially offset the decline. CDG's overseas operations contributed 56.7% of revenue, up from 55.3% in the previous year. The company also received bids for public transport contracts in Liverpool, West Midlands, West Yorkshire, Dubai Metro and Dubai Tram, as well as potential opportunities in Melbourne and Newcastle.

Revenue for the nine months increased by 4.9% to S$3.94 billion from S$3.75 billion. Operating profit fell by 16.9% to S$235.2 million, while excluding non-recurring items, it dropped by 8.6% to S$257.2 million. In Singapore, the handover of the Tampines bus package to a new operator was partially offset by a fuel writeback. Net debt stood at S$1.03 billion, with a net gearing of 26.1%.

CDG's Addison Lee, its London-based premium private-hire provider, expanded its network and invested in its Singapore private-hire fleet. The company also aims for 10% of its global point-to-point fleet to be autonomous by 2030.