Weaker taxi business drags ComfortDelGro earnings down

Singapore

TRANSPORT giant ComfortDelGro Corp posted a 4.9 per cent drop in net earnings to S$301.5 million for the year ended Dec 31, 2017 on the back of weaker contributions from all but one of its core businesses.

With its taxi division continuing to take a beating from private-hire players, stiff competition in overseas markets and foreign exchange losses, group revenue shrank by 2.2 per cent to S$3.97 billion.