(Source: www.straitstimes.com)

SINGAPORE – ComfortDelGro has posted a net profit of S$79.4 million in the second quarter, down 6.8 per cent from the same period a year earlier.

Revenue in the three months ended June 30 was S$987.2 million, down 3.4 per cent year on year.

A negative foreign currency translation effect of S$18.2 million, led mainly by the weaker Sterling Pound, also dragged down the bottomline.

Operating profit fell 9 per cent from a year ago to S$111.9 million.

Revenue for the taxi business decreased by 10.7 per cent to S$303.9 million.

Earnings per share was 3.67 Singapore cents, down from 3.96 Singapore cents a year ago. Net asset value per share was 118.70 Singapore cents as at June 30, up from 114.77 Singapore cents as at Dec 31 last year.

An interim dividend of 4.35 Singapore cents per share has been declared, representing a payout ratio of 58.1 per cent. This is higher than the 4.25 cent interim dividend last year.

Chief executive Yang Ban Seng said: “The group continues to face intense competition and challenges in the taxi segment, both in Singapore and overseas. The rapid growth of the private hire industry, fuelled by incentives and subsided fares, is something we continue to watch closely.

“We will intensify efforts and initiatives to retain our drivers and to search for new markets for more jobs for them. We are committed to remaining a dominant mobility service provider in the industry and will continue to seek growth overseas.”

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