Daily Briefing: A tough road ahead for ComfortDelGro; Property purchased for charity not subject to ABSD

And will removing quarterly reporting help firms focus on long-term goals?

From Motley Fool Singapore: ComfortDelGro saw its revenue decline but was able to grow its profit. The firm said that negative foreign currency translations affected its revenue and that sales would have been up slightly if not for the currency impact. The firm also reported lower free cash flow and a weaker balance sheet compared to a year ago.

From PropertyGuru: In a landmark case, the High Court ordered the Commissioner of Stamp Duties to refund the S$986,965 in duty and late fees paid by the trustees of Chew How Teck Foundation in relation to a condominium unit it acquired in 2015. In appealing the case, the lawyer for the trustees argued that the ABSD should not be imposed since the foundation is not an entity per se and is the one that would eventually inherit the property.

From Yahoo! Singapore: One of the market rules that it will likely review is the requirement for listed companies with market capitalisations over S$75 million to issue reports of its financial performance every quarter. The main purpose of quarterly reporting is for companies to be accountable to their shareholders who are entitled to timely and reliable information. It gives shareholders and the rest of the investing public a clear picture of a company’s performance and position.