The company’s earnings fell 17% in Q2.
ComfortDelGro is facing a heated competition with private-hire car firms, with the latter offering attractive packages to poach cabbies.
And it seems that the transport group is succumbing, given the latest figures from its taxi business.
For the past quarter, its taxi segment’s earnings before interest and taxes fell 17%, escalating from the Q1's slump of 12%, Maybank Kim Eng said.
More so, the group has seen its fleet size shrink by as much as 7% in the quarter, with idle-rate rising to 5% from 3% in Q1.
Lastly, its taxi bookings declined 15% to 20% YoY.
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