THE net profit for transport giant ComfortDelGro (CDG) fell 48.9 per cent on the year to S$36 million for the first quarter ended March 31, hit by weak ridership amid Covid-19 induced lockdowns in the markets in which it operates. Read more at The Business Times.
CDG said the public transport services segment was affected by the weather and the impact of the virus outbreak on tourism in the UK. In Singapore, it was affected by fuel indexation due to low oil prices globally. In Australia, it was hit with a weaker Australian dollar.
As for the taxi business, the company had to grant a two-month rental waiver for its fleet in Singapore, to help its drivers through the crisis. In China, taxi rental was made almost free. Net capital expenditure for the first quarter was S$48.1 million, down from S$79.7 million in the same period a year ago, with the spending going toward ongoing efforts to renew the taxi fleet in Singapore by replacing the vehicles with hybrid vehicles. The spending also went towards purchasing hybrid bus fleets in Australia and fleet replacement in the UK.
Mr Greaves, 63, is currently managing director at Anglo FarEast Group Consulting. He is also a director and deputy chairman at Hanson Capital Investments, Hanson Family Holdings and Hanson China Partners in London and Hong Kong.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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