ComfortDelGro may be past its “worst rocky stretch”, but ridership will be slow to recover, say analysts. Without government reliefs, public transport and taxi segments could remain loss-making in 3Q2020, say CGS-CIMB analysts Ong Khang Chuen and Cezzane See in an August 16 note. 

The transport operator reported a 2Q20 net loss of $42 million, bringing 1H20 into a net loss position of $6 million. Revenue in the same period was down 20.8% y-o-y to $1.53 billion, as ridership fell due to the circuit breaker measures.

The results, released on August 14, were deemed “catastrophic” by chairman Lim Jit Poh. Lim added that if not for the government subsidies, the company would have been $66.1 million in the red instead of just the $6 million it posted.

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