ComfortDelGro Posts Higher Earnings

ComfortSingapore ComfortDelGro Corporation Limited (SGX: C52) saw its second quarter of 2013 (2Q 2013) revenue increase by 2.7% to $908.4 million over 2Q 2012. The net profit increased by 6.0% to $68.9 million during the quarter.

The Bus division saw its 2Q 2013 revenue increase by 3.0% to $440.1 million as growth from the operations in Australia and Singapore more than offset a decline in the United Kingdom and China. The overseas bus operations’ revenue accounted for the bulk of Group bus revenue at 60.4%.

For the Taxi division, the 2Q 2013 revenue from the taxi business increased by 6.1% to $296.9 million. The Rail division saw its 2Q 2013 revenue increase by 7.1% to $36.4 million. 2Q 2013 revenue for the inspection and testing services business increased by 11.3% to $27.6 million due to higher business volumes and the revenue from the bus station business in Guangzhou increased by 10.9% to $7.1 million during the quarter from an increase in passenger volume.

For the first-half of 2013 (1H 2013), the revenue increased by 2.2% to $1.78 billion while net profit grew by 6.8% to $126.6 million.

The total borrowings as of 30th June 2013 stands at $843.2 million. The cash balance stands at $787.4 million.  The net gearing ratio is at 2.1%.

Net cash from operating activities for 1H 2013 was at $233.4 million while that in 1H 2012 was at $302.1 million.

An interim dividend of 3 Singapore cents per share has been declared. The shares closed at $1.96 on 14th August 2013.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.