ComfortDelGro has reported profit after tax and minority interest of $21.7 million, down 69% y-o-y, as the Covid-19 pandemic continues to hurt travel volume across the various markets it operates.
Revenue in the same period was down 16.3% y-o-y to $816.5 million.
According to the company, revenue for its public transport services was down by $86.1 million, or half of that overall revenue drop from the year earlier 3Q. Revenue from taxi operations was down by nearly $50 million, followed by engineering services, down $21.9 million.
During the quarter, it booked a $17.5 million impairment on its taxi and regional coach businesses in the UK, which is seeing new infections.
During the quarter, the company enjoyed $44.2 million in government relief and it notes that such support is tapering off in the short term. Excluding which, it would still make PATMI of $6.7 million.
ComfortDelGro is observing that in markets such as Singapore and China, the respective lockdowns have been eased. However, in Australia and the UK, where it also operates, things are still under certain restrictions.
ComfortDelGro shares closed Nov 12 at $1.50, up a cent, but down 36.7% year to date.
