ComfortDelGro profits dip 11.1% to $91.7m in Q3

Blame the decline in taxi revenues.

ComfortDelGro profits are down by 11.1% YoY to $91.7m in Q3 due to lower earnings from its taxi segment. Taxi earnings declined by 21% YoY due to increased competition from private-hire service providers.

Group revenue also declined 2.4% YoY to $991.4m as segments in automotive engineering services, car rental and leasing, bus station, inspection and testing services were badly hit.

The decline in revenue was partially offset by an earnings increase in public transport service and driving center business segments.

However, the transport company posted healthy growth in its rail segment business as the new Downtown Line (DTL) 3 has posted 66.67% growth YoY to 430k average daily ridership.

Last August, ComfortDelGro announced that it is in talks for potential collaboration with Uber. John Cheong of Maybank Research speculates that if the tie-up pushes through, ComfortDelGro can benefit largely from Uber’s platform which can offset its taxi weakness.

Cheong adds that ComfortDelGro has a lot to gain from the tie-up as it also stands to benefit from Uber’s funding and tap into Uber’s technology.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia