- ComfortDelGro (SGX:C52) reported higher 1Q25 revenue (+16.4% y-o-y), core operating profit (+45.8% y-o-y) and core PATMI (+18.8% y-o-y), forming 23%/20%/20% of our full-year forecasts respectively.
Mixed 1Q25 results in line.
- - Read this at SGinvestors.io -
- Excluding the accounting change, both 1Q25 operating profit and PATMI would have formed around 21-22% of our full-year forecasts respectively and been more in line with our estimates.
- - Read this at SGinvestors.io -
Public transport: Robust growth and expanding margins…
- 1Q25 segmental revenue (+2.6% y-o-y) and core operating profit (+52.9% y-o-y) accounted for 23% and 22% of our full-year forecasts respectively, and were largely in line with our expectations.
- The strong performance was driven by increased domestic rail revenue from higher fares, the commencement of the Manchester contract, and ongoing UK bus contract renewals at improved margins but offset by the loss of the Jurong West bus package. As a result, 1Q25 segmental operating margins expanded (+1.6ppt y-o-y, stable q-o-q) to 4.8%.
…to continue for the rest of 2025.
- Read more at SGinvestors.io.
