- ComfortDelGro reported lower y-o-y core PATMI for 1Q23, dragged by lower margins and overall inflationary cost push.
- The public transport segment faced lower margins from both its Singapore and Australia bus packages, offset by higher rail ridership and increased fares. Driven by the taxi commission system, the taxi segment posted higher y-o-y profit growth but suffered from lower q-o-q job bookings.
- - Read this at SGinvestors.io -
Flat 1Q23 results in line with our expectations.
- ComfortDelGro (SGX:C52) reported 1Q23 revenue and headline PATMI of S$906.4m (+2.1% y-o-y) and S$32.8 (-56.9% y-o-y), making up 22.3% and 22.8% of our full-year estimates respectively.
- - Read this at SGinvestors.io -
- Core operating profit fell by 25.6% y-o-y, dragged by lower margin contributions from both the five re-contracted bus packages and newly-renewed Australia bus contracts. Also, higher operating expense (- 4.9% y-o-y) from general inflationary cost pressure and driver shortages led to lower core operating margin of 5.5ppt (-2.1ppt y-o-y).
Improved q-o-q performance.
- Read more at SGinvestors.io.
