ComfortDelGro 9M net profit falls 20% to S$141.1 million on weaker taxi and private-hire earnings

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Revenue is up 4.9%; the group has secured a contract with Copenhagen Metro

Revenue is up 4.9%, and the group secures a contract with Copenhagen Metro

[SINGAPORE] ComfortDelGro Corporation (CDG) posted a 20 per cent fall in net profit to S$141.1 million for the nine months ended Sep 30, from S$176.4 million in the previous corresponding period.

In a regulatory filing on Thursday (Nov 12), the mainboard-listed company attributed the decline to its taxi and private-hire business being hit by competition and cautious consumer spending.

There was also no repeat of the S$25.9 million net gain on disposal booked, like in the year before.

Higher public transport earnings, as London bus contracts were renewed at improved margins, partly offset the fall, the group added.

The group also said it has secured the contract to operate and maintain the Copenhagen Metro through its joint venture with France’s RATP Dev.

The contract, valued at about S$3.4 billion, covers four fully automated lines, 44 stations and 43 km of track. It runs for 12 years from September 2027, with a renewal option for another three years.

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It is CDG’s second rail operation in Scandinavia after the Stockholm Metro.

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