ComfortDelGro Q2 net profit slips 5.5%
11 Aug 2018|1,235 views
Transport giant ComfortDelGro Corp has posted a 5.5% dip in net earnings to $75 million for the second quarter ended 30th June.
The Singapore-listed group said revenue for the three months rose by 5.4% to $941.1 million, with higher operating expenses eroding its profitability.
Its core taxi business continued to suffer from competition from private-hire operators. For the quarter, the taxi operating business - together with the closely related automotive engineering division - posted an operating profit of $39.7 million, down 20.4% from the same period a year ago.
For the first half, ComfortDelGro's net profit dipped 12.7% to $141.3 million, on the back of a 3.2% growth in revenue to $1.82 billion.
Despite the poorer year-on-year showing, ComfortDelGro Chief Executive Yang Ban Seng noted that the second quarter was actually better than the first quarter. He said this was largely because of the continued growth of its bus and rail business, as well as the stabilisation of the taxi business in Singapore.
Earnings per share for the second quarter stood at 3.47 cents, down from 3.67 cents. Its earnings before interest, tax and depreciation margin shrank from 24% to 22% in the three months. ComfortDelGro's net asset value per share dipped to 120.83 cents as of 30th June, from 121.01 cents on 31st December last year. Directors are recommending an interim dividend of 4.35 cents, unchanged from the same period last year.
Transport giant ComfortDelGro Corp has posted a 5.5% dip in net earnings to $75 million for the second quarter ended 30th June.
The Singapore-listed group said revenue for the three months rose by 5.4% to $941.1 million, with higher operating expenses eroding its profitability.
Its core taxi business continued to suffer from competition from private-hire operators. For the quarter, the taxi operating business - together with the closely related automotive engineering division - posted an operating profit of $39.7 million, down 20.4% from the same period a year ago.
For the first half, ComfortDelGro's net profit dipped 12.7% to $141.3 million, on the back of a 3.2% growth in revenue to $1.82 billion.
Despite the poorer year-on-year showing, ComfortDelGro Chief Executive Yang Ban Seng noted that the second quarter was actually better than the first quarter. He said this was largely because of the continued growth of its bus and rail business, as well as the stabilisation of the taxi business in Singapore.
Earnings per share for the second quarter stood at 3.47 cents, down from 3.67 cents. Its earnings before interest, tax and depreciation margin shrank from 24% to 22% in the three months. ComfortDelGro's net asset value per share dipped to 120.83 cents as of 30th June, from 121.01 cents on 31st December last year. Directors are recommending an interim dividend of 4.35 cents, unchanged from the same period last year.
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