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Bus segment continues to drive growth for ComfortDelGro
Operating profit in the business rose 18.1% to $13m.
ComfortDelGro's bus business performed spectacularly in the past quarter, as figures from CIMB showed.
According to the brokerage firm, the operating profit of ComfortDelGro's bus segment grew 18.1% to $13m in the past quarter. This improvement was brought about by the higher revenue and better margins of the bus business under the new contracting model.
Meanwhile, the underlying business of the group’s overseas bus operation remained upbeat in 1Q17. The segment’s lower operating profit of $26.2m in 1Q17 was only due to the adverse FX translation from the weakened £ post Brexit vote.
"Despite the lower operating profit yoy, the segment’s 1Q net profit was lifted by the half-quarter contribution of $3.2m from the additional 49% stake in ComfortDelGro Cabcharge," CIMB said.
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