ComfortDelGro announce "catastrophic" half year results due to the impact of COVID-19

ComfortDelGro today announced its unaudited results for the half year ended 30 June 2020, described as "catastrophic" by the Corporation's Chairman.

The results showed revenue for the first six months fell 20.8% to $1.53 billion, due to the global shutdown brought on by the COVID-19 outbreak. The Group's operating profit plunged by an enormous 97.0% to $6.6 million.

The Group also fell into the red with a half-year loss of $6.0 million, compared to a profit of $146.3 million in 2019. Without the Government reliefs which totalled $60.1 million, the Group would have recorded a net loss of $66.1 million.

Chairman Lim Jit Poh described the past six months as “catastrophic”.

Lim Jit Poh said: “The first six months of 2020 have been nothing short of catastrophic. The global economy has gone into tailspin, with record numbers of businesses shuttering and unemployment rates soaring. The magnitude of destruction brought on by the COVID-19 pandemic is massive and the worst may not be over. ComfortDelGro has not been spared. At half-time, we have plunged into the red with a net loss of $6 million. If not for governmental reliefs, that loss would have been $66.1 million.

“Given the continued uncertainty in the global landscape, the Board has decided not to declare a half-time dividend. This is the first time we have done this and we feel it is the only prudent thing to do as we need to conserve cash. We will be reviewing the final dividend at the end of the financial year in accordance with our existing dividend policy.

“Amid this environment of change, we are reviewing our business models and accelerating our digitalisation programmes. These are exceptional times and we will need to make exceptional decisions.”

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