For the six months ended June, earnings dropped by 31.9% y-o-y to $78.5 million. Excluding the one-off gain of $30.5 million from the sale of a property in London, CDG’s earnings were down 7.4% y-o-y because of higher operating costs.
After years of losing market share to ride-hailing apps, ComfortDelGro (CDG) is poised to protect its core taxi business. Competition from platforms like Grab and pandemic challenges led to CDG’s share price dropping to $1.02 on June 7. However, it rebounded and closed at $1.29 on Aug 16.
“ComfortDelGro is still first and foremost a land transport company,” says managing director and CEO Cheng Siak Kian at the company’s 1HFY2023 results briefing on Aug 14. “We are really trying to make sure that we are no longer the typical taxi rental company of ComfortDelGro in the past.”
