COMFORTDELGRO CORPORATION LIMITED 
By • Quarterly revenue increased by 6.5% to a record $877.0 million.
o Revenue growth was broad-based with increases coming from all business segments.
o Revenue growth would have been higher at 7.6% had it not been for the negative foreign currency translation effect of $8.6 million.
o Revenue from overseas businesses accounted for 42.0% of total Group revenue.
o Revenue from the overseas bus business continued to outstrip that of the Singapore operations, accounting for 62.9% of total Group bus revenue.
• Operating profit grew by 7.0% to $113.6 million in line with the growth in revenue.
o Overseas operating profit accounted for 47.8% of Group operating profit
o Operating profit of overseas bus businesses accounted for a record
84.0% of total Group bus operating profito The public scheduled bus business under SBS Transit in Singapore suffered an operating loss of $42,000 during the quarter due to a significant increase in operating cost.
• Net profit increased by 12.5% to $69.1 million.
Singapore, 14 November 2011 - ComfortDelGro today announced its unaudited results for the third quarter ended 30 September 2011.Highlights:
Q3 2011 | Q3 2010 | Change | Year-to-Date 30 Sept | Year-to-Date 30 Sept 2010 | Change | |||
Q3 2011 | Q3 2010 | Change | 2011 | Year-to-Date 30 Sept 2010 | Change | |||
$m | $m | % | $m | $m | % | |||
Revenue | 877.0 | 823.4 | 6.5 | 2,523.0 | 2,379.6 | 6.0 | ||
Operating Profit | 113.6 | 106.2 | 7.0 | 303.5 | 296.1 | 2.5 | ||
Net Profit Attributable to Shareholders | 69.1 | 61.4 | 12.5 | 179.1 | 173.9 | 3.0 | ||
EBITDA | 193.8 | 179.2 | 8.1 | 537.9 | 513.0 | 4.9 | ||
EPS - cents | 3.30 | 2.94 | 12.2 | 8.57 | 8.33 | 2.9 |
Note: All figures in Singapore dollars
ComfortDelGro Corporation Limited205 Braddell Road Singapore 579701 www.comfortdelgro.com
Co. Registration No.: 200300002K
Group
ComfortDelGro Corporation's revenue for the three months
ended 30 September 2011 increased by $53.6 million, or 6.5%
year-on-year, to a record $877.0 million. The growth would
have been even stronger at 7.6% had it not been for the
negative translation effect of the weaker Sterling Pound,
Chinese Renminbi and Vietnamese Dong. At the operating level,
revenue growth was broad based.
In line with the growth in revenue, operating profit for the
period was 7.0% higher at $113.6 million.
Correspondingly, third quarter net profit attributable to
shareholders increased by 12.5% to $69.1 million, bringing
the net profit attributable to shareholders for the
year-to-date to $179.1 million.
ComfortDelGro Managing Director and Group Chief Executive
Officer, Mr Kua Hong Pak, said: "Despite significant
challenges, we grew as a Group. We remain focussed on seeking
growth even as global financial and economic conditions
continue to be volatile and uncertain."
Operations Review
• Bus:
At Group level, third quarter revenue for the bus business
increased by 2.8% to $434.0 million
The Group's bus business in Australia saw revenue increase by
21.7% to $116.1 million due to an increase in services
operated and a favourable foreign currency translation
effect.
In Singapore, revenue from scheduled bus services under SBS
Transit rose by 3.5% to $145.1 million during the quarter as
average daily ridership increased. Including revenue from
advertising and rental, total revenue at SBS Transit
increased by 2.9% to $154.4 million. SBS Transit however came
under intense cost pressure during the quarter on higher fuel
and electricity costs. As a result, its bus operations
incurred an operating loss of $42,000 - compared to an
operating profit of
$3.0 million during the same period last year.
Revenue from ComfortDelGro Bus however fell by 56.2% to $6.7
million due mainly to the absence of revenue from the Youth
Olympic Games which was earned in the third quarter of
2010.
In China, bus revenue decreased by 11.6% to $13.7 million in
the third quarter of this year due to the negative
translation effect of the weaker Renminbi.
In the UK, revenue from the bus business was 1.9% lower at
$143.1 million due to the negative foreign currency
translation effect of the weaker Sterling Pound.
For the quarter ended 30 September 2011, revenue from the
overseas bus operations accounted for 62.9% of total Group
bus revenue. Despite the negative translation effect of the
weaker Sterling Pound, the UK operations continued to account
for the bulk of overseas bus revenue, or 52.4%. This was
followed closely behind by the Australian bus operations at
42.6% and the China bus operations at 5.0%.
• Taxi:
At Group level, third quarter revenue for the taxi business
increased by 5.9% to $264.4 million as gains in Singapore,
China and Vietnam, as well as the inclusion of revenue from
Swan Taxis in Perth which was acquired in October 2010, more
than offset the decline in the United Kingdom.
In Singapore, revenue from the taxi business increased by
6.1% to $191.7 million due mainly to a higher volume of
cashless transactions and a larger operating fleet.
In China, revenue from the taxi business increased by 13.1%
to $34.6 million with the gains partially offset by the
negative translation effect of the weaker Renminbi.
In the UK, revenue fell by 16.1% to $30.7 million due to
lower volumes of account work and the unfavourable
translation effect of the Sterling Pound.
In Vietnam, revenue from the taxi business increased by 11.8%
to $1.9 million.
Revenue from the Group's overseas taxi business accounted for
27.5% of total Group taxi revenue.
• Rail:
Revenue from the rail business in the third quarter increased
by 11.5% to $34.5 million on continued ridership growth.
Average daily ridership for the North East Line grew by 10.4%
to
434,000 while that for the Punggol and Sengkang LRTs
increased by 14.6% to 62,000.
• Bus Station:
Revenue from the bus station business under Guangzhou Xin Tian Wei increased by 4.8% to $6.6 million from an increase in passengers using the station, an increase in cargo income and terminal rental as well as a higher average ticket price.
• Vehicle Inspection and Testing:
Revenue from the vehicle inspection and testing business grew by 6.3% to $23.6 million as more vehicles were inspected and more non-vehicle testing projects completed.
• Automotive Engineering Services:
Revenue for the automotive engineering services business increased by 21.5% to $117.1 million due mainly to higher revenue from taxi maintenance and vehicle assembly.
Commentary
Revenue from the bus business in Singapore is expected to
improve due to an anticipated increase in ridership. Revenue
from the bus business in the UK is expected to continue to be
impacted by the translation of the weaker Sterling Pound.
Revenue from the bus business in Australia is expected to
continue to improve while revenue from the China bus business
is expected to be maintained.
Revenue from the rail business is expected to be higher due
to an anticipated increase in ridership. Revenue from the bus
station business in Guangzhou is expected to be
maintained.
Revenue from the taxi business in Singapore is expected to
increase with more cashless transactions and new replacement
taxis while revenue from the China taxi business is expected
to increase with the larger fleet in Chengdu. Revenue from
the UK taxi business is expected to continue to be impacted
by the weak economy and the weaker Sterling Pound while
revenue from the Vietnam taxi business is expected to be
maintained.
Revenue from the driving centre business in Singapore and
China is expected to be maintained. Revenue from the vehicle
inspection and testing business in Singapore is expected to
improve.
Revenue from the car rental and leasing business in Singapore
is expected to improve while revenue from the China business
is expected to decline.
Revenue from the automotive engineering services business is
expected to be maintained.
The global economic outlook remains very uncertain and
volatile. In the face of this, the Group will continue to be
vigilant while seeking opportunities for growth.
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ComfortDelGro is the world's second largest land transport company with a total fleet size of more than 46,300 buses, taxis and rental vehicles. Headquartered in Singapore, the Group also has operations in China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia. Currently, overseas ventures account for 42.0% of Group revenue. The Group aims to derive 70% of its total revenue from overseas in the mid-term.
