Company Briefs: ComfortDelGro Corp

ComfortDelGro Corp

Singapore's largest taxi operator, ComfortDelGro Corporation, has rationalised its businesses in Vietnam and China.

It said that the operations of ComfortDelGro Savico Taxi Company, an indirect 60 per cent owned subsidiary, have been combined with Vietnam Taxi Co, an indirect 70 per cent owned subsidiary. This is part of the rationalisation of its taxi business in Ho Chi Minh City "to achieve greater efficiencies".

In China, ComfortDelGro's indirect wholly owned subsidiary, Chengdu ComfortDelGro Taxi Co, has acquired the remaining 10 per cent stake in Chongqing ComfortDelGro Driver Training Co (CCDT) from By-Hour Driver Training Centre of Chongqing for about five million yuan (S$1 million).

CCDT will become an indirect wholly owned subsidiary of ComfortDelGro.

Meanwhile, indirect 80 per cent owned subsidiary, Beijing Tian Long Da Tian Vehicle Inspection Co (BTLDT), has ceased operations temporarily following the local government's re-development of the land on which BTLDT is situated. BTLDT is currently looking for an alternative site to resume its operations, said ComfortDelGro.

Lung Kee

Mainboard-listed Lung Kee (Bermuda) Holdings posted a 45 per cent jump in its full-year earnings, boosted by a one-off gain from the sale of Shanghai Lung Kee Metal Products, one of its indirect wholly owned subsidiaries.

For the full year ended Dec 31, net profit was HK$278.3 million (S$47 million).

Earnings per share stood at 44.05 HK cents, up from 30.35 HK cents.

Lung Kee, which engages in the manufacturing and marketing of mould bases and related products, recorded a 13 per cent rise in revenue to HK$2.51 billion.

Sales growth came from the group's China business, where demand for mould products was on the rise.

"The demand for automobile and its components, intelligent household products and high-tech electronic products continued to boom, resulting in a satisfactory growth in the group's turnover as its high quality mould products suited the market needs," the company said.

The directors have proposed a final dividend of 16 HK cents per share and a final special dividend of 12 HK cents per share.

A version of this article appeared in the print edition of The Straits Times on March 17, 2018, with the headline 'Company Briefs: ComfortDelGro Corp'. Subscribe