ComfortDelGro earns $283.5m in 2014

ComfortDelGro earns $283.5m in 2014

Transport giant ComfortDelGro Corp reported yet another record set of results yesterday for the year ended Dec 31, 2014.

The home-grown, publicly listed global group posted a 7.7 per cent rise in net earnings to $283.5 million, on the back of an 8.1 per cent increase in revenue to $4.05 billion, and despite expenses climbing 8.7 per cent to $3.61 billion.

The sterling figures were fuelled by broad-based growth, with Singapore accounting for just over half of operating profits.

Of its overseas markets, the main contributors in order of size were the UK/Ireland, Australia and China.

Among business segments, buses - including bus station operation - remained the biggest profit churner, accounting for $177.1 million of the total $442.1 million.

This was followed by other main contributors such as taxis ($150.9 million), automotive engineering ($51.4 million), and vehicle inspection and testing services ($36.8 million).

The group's rail business was the smallest contributor at $7.6 million, but it chalked the biggest profit growth of 58.3 per cent.

With the exception of automotive engineering shrinking by 2.5 per cent, and car rental and leasing stagnating at $9.1 million, all businesses improved.

ComfortDelGro's earnings per share stood at 13.29 cents, up from 12.43 cents. Its net margin remained stable at 7 per cent, while net tangible asset per share rose from 101.37 cents to 102.36 cents.

The group remained in a strong financial position even as cash and equivalents dipped from $830.6 million to $825.8 million. But borrowings also fell, from $807.9 million to $737.1 million.

This puts ComfortDelGro in a net cash position of $88.7 million, and reduced its gearing from 28.9 per cent to 26 per cent.

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