ComfortDelGro 3Q earnings down
Sign up now: Get ST's newsletters delivered to your inbox
ComfortDelGro Corp's taxi fleet in the Singapore shrunk to around 11,000 - its lowest in almost 20 years.
ST PHOTO: KUA CHEE SIONG
SINGAPORE - A still deflating taxi business in Singapore pulled transport giant ComfortDelGro Corp's net earnings down by 10.8 per cent to $70 million for the third quarter ended Sept 30.
The group's taxi fleet in the Republic has shrunk to around 11,000 - its lowest in almost 20 years - since ride-hailing firms entered the market six years ago.
Lower investment income also had an impact on the bottom line.
Group revenue rose by 1.1 per cent to $979 million, while operating cost inched upwards by 1.8 per cent to $870.1 million, with the highest increase coming from depreciation.
Earnings per share stood at 3.23 cents for the three-month period, down from 3.63 during the same period last year. Net asset value per share was 116.33 cents, down from 120.7 cents.
ComfortDelGro's margin before tax, interest and depreciation was slightly wider at 21.8 per cent, up from 21.3 per cent.
