ComfortDelgro's Q1 profit up 12.4%
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Transport giant ComfortDelGro Corp posted a 12.4 per cent rise in net earnings to $82.5 million for the first quarter despite a dip in revenue.
The profit growth seen in the period ended March 31 was fuelled by lower costs and a huge increase in investment income - from $3.2 million to $13.7 million. This arose mainly from a special dividend from Cabcharge Australia, which was tax-exempt.
If not for this dividend, ComfortDelGro's operating profit shrank by 8.1 per cent to $100.5 million.
Revenue slid by 2.4 per cent to $972 million largely on foreign exchange translation losses led by the weaker British pound.
Group operating expenses shrank by 1.7 per cent to $871.5 million despite increases in major cost components such as staff, depreciation and fuel and power.
On a per share basis, earnings rose from 3.41 cents to 3.83 cents, and net tangible asset backing per share stood at 121.08 cents, up form 114.77.
ComfortDelGro's operating margin before interest, tax and depreciation improved marginally to 20.9 per cent, from 20.6 per cent same time last year.
Overseas businesses accounted for 38.4 per cent of group operating profit, compared with 41 per cent in first quarter last year.
All of the group's transit and non-transit business units posted smaller operating profits. Taxi bore the brunt in absolute terms with a $4.7 million drop to $33.8 million despite lower benefits paid to cabbies in Singapore - a sign that private-hire rivals are beginning to eat its lunch.
The group paid cabbies $13.2 million in benefits, compared with $15.5 million last year.
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suck from the driver ma!
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Sucks...$50 Blow.....$80 Sucks + Blow...$120
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Originally posted by Alvin87a:
suck from the driver ma!
pax ride for free meh
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Yup, sometime fares are so low, I wonder if it is only to pay for the fuel charges only, nothing goes to driver and his cost of operating. So from an economy point of view, it is free. Prices competition always benefit the consumer, but there must be a threshold point as how far can a fares go down in order to sustain a decent income for drivers, be it Taxi drivers or PHV drivers.
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Many cabbies are giving up driving taxies. Hope Comfort Delgro will chub lub in due time. Hopeless company............
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With Uber and Grab throw money kind of competition still can earn profit, comfort not even dig into old rice pot. hehehe wish them chap lap wait long long lo...
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Driverless is truth and it will happen sooner or later, but as google and Uber are now starting to fight each other over rights and financial issue, it might prolong the technology. Drivers leaving taxi trade fall directly into our govt plan of naturally removing them, because govt need votes, so they do not want to force TD openly, they used competitor like grab and others to make it difficult for taxi driver to ply the road and earn a living. Just like flock of birds, you kill them and force them out by firing and hunting them, they will be angry and take revenge whenever possible, and it will be tedious process with an unkind act. So, just by taking away the foods from the birds, its will eventually and naturally move out of the place and look elsewhere for food.