omCOMFORTDELGRO TURNS IN
RECORD FULL-YEAR REVENUE OF $3.41 BILLION
Revenue increased by 6.4% to a record $3.41 billion
- Growth was broad-based with increases coming from all business
- Group revenue would have increased by $220.2 million or 6.9% to $3.43
billion if not for the negative foreign currency translation effect
- Revenue from the Group’s taxi business crossed the $1 billion-mark for
the first time, thanks to a larger global fleet
- Overseas revenue accounted for 42.2% of Group revenue
Operating profit increased by 2.8% to $399.2 million
- Overseas operating profit accounted for 45.8% of Group operating
- Overseas bus business’ ...view middle of the document...
The growth would have been even stronger at 6.9% had it
not been for the negative translation effect of the weaker Sterling Pound, Chinese Renminbi and
In line with the growth in revenue, operating profit for the year ended 31 December 2011 was 2.8%
higher at $399.2 million.
Full-year net profit increased by 3.1% to $235.6 million.
ComfortDelGro Managing Director/Group CEO, Mr Kua Hong Pak, said: “2011 was a very
challenging year given the global economic and financial uncertainties. The persistently high cost of
fuel continued to dampen our operations but we did well to grow both our topline and bottomline.
There are significant headwinds as we move into 2012 and we will need to be even more focussed
on cost management while seeking growth.”
At Group level, full-year revenue from the bus business increased by 4.5% to $1.69 billion on the
back of strong growth overseas. If not for the negative foreign currency translation effect, revenue
from the Group’s bus business would have grown by 4.9% or $79.3 million.
In Singapore, bus revenue at SBS Transit increased by 3.1% to $566.1 million as average daily
ridership grew by 6.0% - more than compensating for the 2.5% drop in average fares. If bus
advertising and rental income were included, total revenue would be 3.1% higher at $603.5 million.
For its core bus business, however, SBS Transit incurred an operating loss of $6.0 million as
compared to an operating profit of $14.9 million in 2010 due mainly to higher fuel costs.
The Group’s unscheduled bus business in Singapore recorded a 24.9% decrease in revenue to
$25.0 million in 2011 due to the absence of contract work for the Youth Olympic Games which took
place in 2010.
In Australia, revenue from the bus business grew by 19.5% to $445.8 million, boosted by growth in
services operated and the strengthening of the Australian Dollar.
The bus business in the United Kingdom, with a full-year revenue of $558.2 million, remained the
single largest contributor to overseas bus revenue despite the weaker Sterling Pound. Revenue
from the bus operations in London increased by $20.0 million due to more mileages operated and
contract price adjustments. This was however more than offset by a negative currency translation
effect of $23.8 million.
In China, revenue from the bus business slipped by 11.5% to $53.8 million from lower mileages
operated as a result of road diversions from the construction of the Shenyang Metro.
Overseas bus revenue accounted for 62.7% of total Group bus revenue in 2011, compared to
61.7% in the previous year. Significantly, operating profit from the Group’s overseas bus operations
crossed the 80%-mark for the first time, accounting for 85.8% of total Group bus operating profit.
At Group level, full-year revenue for the taxi business increased by 5.8% to $1.04 billion, crossing
the billion-dollar threshold for the very first time. The...