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ComfortDelGro expects net loss for H1 2020
TRANSPORT giant ComfortDelGro said in regulatory update on Friday that it is expecting to report a net loss for the first half of 2020 on the back of the significant impact of Covid-19 on the company's operations.
It also said that it faces the possibility of impairment of investments in certain local and overseas subsidiaries.
For the first quarter ended March 31, its net profit fell 48.9 per cent on the year to S$36 million, hit by weak ridership amid Covid-19 induced lockdowns in the markets in which it operates.
However, the company pointed out that its financial position remains healthy. Its unaudited cash and cash equivalents as at March 31, 2020 was S$632.8 million and the available facilities in various currencies stood at approximately S$704.7 million.
The company is still finalising its results for H1 2020 and will provide further details on its performance when it releases the financial results on or before Aug 15, 2020.
Shares of ComfortDelGro closed on Friday at S$1.52, down S$0.01 or 0.7 per cent.