ComfortDelGro's profits down 10.8% to $70m in Q3

This was due to higher losses in the rail business and competition in the taxi business.

ComfortDelGro Corporation recorded a subdued third quarter as profits declined 10.8% YoY to $70m in Q3 from $78.5m in Q3 2018 and following a 1.2% YoY expansion in Q2, the company’s SGX filing revealed. Revenue inched up 1.1% YoY to $979m over the same period from $967.9m in Q3 2019.

Also read: ComfortDelGro profits up 1.2% YoY to $75.9m in Q2

Profits fell as a result of higher losses in the rail business, keen competition in the taxi business, and negative foreign currency effect.

For the first nine months of 2019, profits dipped 1.6% YoY to $216.3m from $219.8m in 9M 2018. Revenue rose 4.3% YoY to $2.91b in 9M 2019 from $2.79m in 9M 2018.

Earnings before interest, tax, depreciation and amortization (EBTIDA) rose 3.8% YoY to $213.7m in Q3 from $205.9m in Q3 2018.

Earnings per share (EPS) slipped 11% YoY to $0.323 during the quarter, down from $0.363 over the same period last year. For the first nine months of the year, EPS was at $0.999, down 1.7% YoY from $1.016 in 9M 2018.