- ComfortDelGro’s 1Q25 revenue and operating profit (OP) grew 16.4% and 45.5% y-o-y to S$1.2b and S$81.5m, respectively. Together with higher interest costs on debt taken up to fund prior acquisitions, PATMI grew 19% y-o-y to S$48.3m. PATMI margin was relatively stable, nudging up 10bps y-o-y to 4.1%.
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Broad-based growth across all segments.
Public Transport segment
- Revenue from the Public Transport segment grew 2.6% y-o-y to S$760.1m as UK Metroline Manchester contracts started in Jan 2025. In Singapore, the increase in rail fares helped to offset loss of contribution post-handover of the Jurong West bus package in Sep 2024.
- Core operating profit for the segment jumped 52.9% y-o-y to S$36.4m, with a 1.6 percentage point (ppt) expansion in operating margins driven by public bus contract renewals in the UK.
Taxi & Private Hire segment
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- Going forward, the competitive landscape in Singapore may intensify, with GrabCab receiving its license to run street-hail services in early Apr. Management also notes that the taxi business in China remains soft.
Other Private Transport segment
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