- Bottom line miss – ComfortDelGro (SGX:C52)’s 9M25 revenue increased 13.9% y-o-y to S$3.8b. Together with a net gain on disposal from the sale of depots in Victoria, Australia, as well as continued cost control, offset by non-cash amortisation of acquisition-related intangibles, operating profit (OP) improved by a wider 21.9% y-o-y to S$283.1m.
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- The underperformance vis-à-vis our expectations was largely due to the decline in margins for the Taxi & Private Hire segment.
A solid quarter for Public Transport.
- Revenue for the Public Transport segment grew 4.5% y-o-y to S$2.4b. Income contribution from the new UK Metroline Manchester contracts kicked in in Jan 2025; alongside rail fare increases in Singapore, these helped to offset the loss of the Jurong West bus package in Sep 2024.
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3Q25 core operating profit margin for the Taxi & Private Hire segment compressed to 13.4% (2Q25: 14.9%; 3Q24: 19.2%).
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