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COMFORT DELGRO - MOVING FORWARD
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Joelton
Supreme |
12-Nov-2021 09:31
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ComfortDelGro Q3 earnings up despite smaller government relief package
SINGAPORE - Transport giant ComfortDelGro Corp posted net earnings of $25.8 million for the third quarter ended Sept 30, up 19.4 per cent from the same time last year as economies continued to open up.
The better showing was on the back of a smaller government relief package of $19.8 million, versus grants of $44.2 million last year. It also took into account a minority interest adjustment of $5.5 million.
Revenue for the three months rose by 7.4 per cent to $880.3 million. Operating costs - including fuel - rose by 12.9 per cent to $737.5 million.
For the first nine months, earnings improved significantly from $15 million to $116.8 million.
ComfortDelGro said the impact of Covid-19 was still being felt in the quarter, with further outbreaks and tightening of measures in a number of markets it operates in.
Singapore moved to phase three (heightened alert) in July 2021, and there were full lockdowns in most states in Australia throughout the third quarter.
But further virus outbreaks in China were controlled relatively quickly, and the UK reopened fully from July.
It noted that government reliefs have mostly tapered off, except for the UK.
The group' s cash and equivalents stood at $867.8 million as at September, up from $742.8 million at December 2020.
The taxi business continued to be in the red, even after government aid. This former top-performing division posted an operating loss of $5.9 million after government aid of $2.1 million.
Looking ahead, ComfortDelGro said infection spikes and mutations are worrying. " Recovery remains uncertain and uneven across geographies," it noted.
It added that its balance sheet remained strong, with enough cashflow " for business continuity and growth&rdquo .
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halleluyah
Supreme |
12-Nov-2021 09:22
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tis taxi kept going round n round till i headache....where is she going fr the support now??? still got some in my freezer.... | ||||
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Superwhite
Senior |
12-Nov-2021 09:07
Yells: "Super White lah" |
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This counter doing a post 11.11 sale. It is a thank you sale from 12 Nov till . . . | ||||
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tpohwashere
Veteran |
12-Nov-2021 02:37
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" the advancement of technology will make public transport a hopeless business" . ..... ROFL!!!!!!! Whatever fancy tech you talking about, you really should share it with Grab. Because for a " growth" company with a " super app" to have DECLINING revenue while still losing another $988 million is tragic :) Sure, it' s expanding into other businesses but the only difference among it' s businesses is which one is losing more money. https://www.businesstimes.com.sg/garage/grabs-q3-net-loss-sinks-to-almost-us1-billion-revenue-slips-ahead-of-us-listing-as-pandemic At the end of the day, the core business of transport is still nothing more than getting people from point A to point B with a set of wheels at the most efficient cost.
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starnova
Member |
12-Nov-2021 01:27
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People still need to travel for leisure or some other matter beside work. Even self drive car/bus can be public transport. Unless we have teleport tomorrow, public transfer is still relevant. Think human, not just technology..😆
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Starship
Supreme |
11-Nov-2021 22:28
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ComfortDelGro 3Q earnings up despite smaller government relief package 3 HOURS AGO SINGAPORE - Transport giant ComfortDelGro Corp posted net earnings of $25.8 million for the third quarter ended Sept 30, up 19.4 per cent from the same time last year as economies continued to open up. The better showing was on the back of a smaller government relief package of $19.8 million, versus grants of $44.2 million last year. It also took into account a minority interest adjustment of $5.5 million. Revenue for the three months rose by 7.4 per cent to $880.3 million. Operating costs - including fuel - rose by 12.9 per cent to $737.5 million. For the first nine months, earnings improved significantly from $15 million to $116.8 million. ComfortDelGro said the impact of Covid-19 was still being felt in the quarter, with further outbreaks and tightening of measures in a number of markets it operates in. Singapore moved to phase three (heightened alert) in July 2021, and there were full lockdowns in most states in Australia throughout the third quarter. But further virus outbreaks in China were controlled relatively quickly, and the UK reopened fully from July. It noted that Government reliefs have mostly tapered off, except for the UK. The group' s cash and equivalents stood at $867.8 million as at September, up from $742.8 million at December 2020. The taxi business continued to be in the red, even after government aid. This former top-performing division posted an operating loss of $5.9 million after government aid of $2.1 million. Looking ahead, ComfortDelGro said infection spikes and mutations are worrying. " Recovery remains uncertain and uneven across geographies," it noted. It added that its balance sheet remained strong, with enough cashflow " for business continuity and growth" . https://www.straitstimes.com/singapore/transport/comfortdelgro-3q-earnings-up-despite-less-help-from-governments |
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Starship
Supreme |
11-Nov-2021 22:25
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ComfortDelGro' s Q3 Patmi up over 19% THU, NOV 11, 2021 - 7:05 PM ComfortDelGro registered a third quarter profit after tax and minority interests (PATMI) of S$25.8 million, up 19.4 per cent year-on-year. Revenue was 7.4 per cent higher at S$880.3 million, lifted by higher revenue from public transport services and automotive engineering services. Revenue for its public transport services rose 10.3 per cent to S$710.6 million due in part to higher revenue in Singapore. In Australia, public transport schedules were stable while the United Kingdom continued to see full schedules for public transport services. Meanwhile, operating profit declined 8 per cent to S$40.3 million on the back of higher operating costs. Government relief was also lower. For the quarter under review, government relief owing to the pandemic fell about 55 per cent to S$19.8 million from the corresponding period a year ago. In an update on the pandemic situation in Singapore, Comfort said that ridership for public transport remained at about 60 per cent of pre-pandemic levels. https://www.businesstimes.com.sg/companies-markets/comfortdelgros-q3-patmi-up-over-19 |
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beng1102
Elite |
11-Nov-2021 22:11
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If u r driving eveyday u would know that the default WFH is fake. ComfortDelgro taxis is everywhere and usually booked.
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Entropy72
Master |
11-Nov-2021 21:36
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Apparently, CDG is not the only one that got cold feet on ASX listing. Let's see what analyst update us tmr.
---- WHSP, Singapore's ComfortDelGro pause Australia IPO plans for units Reuters November 11, 20213:03 PM +08Last Updated 7 hours ago ComfortDelGro's taxis are parked at their vehicle inspection yard in Singapore October 9, 2017. REUTERS/Edgar Su Nov 11 (Reuters) - Investment house Washington H. Soul Pattinson (SOL.AX) and Singapore transport firm ComfortDelGro (CMDG.SI) have decided against pursuing an Australian listing for their units, citing adverse market conditions in the country. Washington. H Soul said on Thursday it would not proceed with the IPO process for its copper and zinc mining unit Round Oak Metals, a day after ComfortDelGro ended its own plans to list its Australian unit. While the Australian company cited "current market conditions" for its move, Singapore-listed ComfortDelGro said IPO conditions in Australia had become more challenging and other strategic options had come up. The decisions made by the two firms comes just weeks after Las Vegas-based slot machine maker Scientific Games Corp (SGMS.O) chose to sell its lottery business to Canada's Brookfield Asset Management rather than list it in Australia. Australia's stock market (.AXJO) is off by about 4% from the record peak hit in August, as the economy recovers and investors price in the winding down of unprecedented fiscal and monetary measures. Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Ramakrishnan M. |
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Buradin
Veteran |
11-Nov-2021 21:15
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Exactly right. The world is not static. But I guess this zombie is not from this world, which is why it will remain static and get overtaken by events. Am I right conman?
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Conman
Elite |
11-Nov-2021 20:37
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Guru, the world is not static. The advancement of technology will make public transport a hopeless business. This pandemic has merely speeded up this inevitable process. This could well be why the Australian IPO flopped.
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Buradin
Veteran |
11-Nov-2021 20:28
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x 0
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Very decent indeed. And at 60 percent pre-covid ridership, plus cuts in government funding, I have no complains there haha.
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odebrecht
Member |
11-Nov-2021 19:45
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Agree with you bro.. lucky for those who bought today. Q3 YTD result without considering government grant is at least 3 times of prior period. I am expecting a much stronger business performance for Q4 as global travelling commences.
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Entropy72
Master |
11-Nov-2021 19:28
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Results are not bad. Clear recovery on track. General Announcement::3Q2021 Financial Results Presentation (sgx.com) https://links.sgx.com/1.0.0/corporate-announcements/3DTHA4Z7KBKQ5GAG/a4ac6780457a58d152d660e1fa99caf7e5fdbd5546476afc79dfb233c486f5cf |
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Buradin
Veteran |
11-Nov-2021 17:21
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I am with u on this. | ||||
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Entropy72
Master |
11-Nov-2021 17:02
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Buy in fear, sell in euphoria. Indeed the drop presented opportunity to buy cheap and I picked up some more lots today. Confidence in CDG management shaken over this episode + rising energy costs is also a negative factor. On longer outlook, private transport prices in Singapore are rising (look at COE trend) and the government will continue to entice more people to take public transport as part of Singapore Green Plan 2030. With more vaccination differentiated measures " forcing" more to get vaccinated and more VTL in place, public commute will increase in Singapore. WFH-as-default will also end and probably revert to 50%/75% on-site in a few weeks. More developed countries are also entering endemicity in next couple of months and will also lead to recovery in public commute. This benefits CDG overseas associates.
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Superwhite
Senior |
11-Nov-2021 16:30
Yells: "Super White lah" |
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x 0
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11.11 sale happening for most counters. For SG mkt, price drops very fast and climbs up like 10 times slower than the rate that it drops. So if you buy, you jolly well have the patience to hold. If not, everyday will kpkb 🤣
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Buradin
Veteran |
11-Nov-2021 15:05
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x 0
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He said maybe will go up. it's a tongue in cheek comment. We can view this dip as a chance for accumulation based on ur own trading strategy.
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lukewong82
Master |
11-Nov-2021 13:59
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x 0
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did the price go up as u suggested?
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ringo88
Senior |
11-Nov-2021 13:33
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Scariest word - Analyst
Second scariest - Fundamentals Third scariest - Charts
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