ComfortDelGro expects net loss in H1

This is due to the impact of the pandemic on the company’s operating regions.

ComfortDelGro’s (CDG) board of directors expects to report a net loss for H1 2020 based on the preliminary review of the draft financial results, according to a bourse filing.

The expected net loss for H1 is mainly attributed to the impact of the pandemic on the company’s operating regions, as well as the possibility of impairment of investments in certain local and overseas subsidiaries.

CDG recorded a 48.9% YoY plunge in profits after tax and minority interests (PATMI) in Q1 and a revenue decline of 9% YoY to $862.4m.

However, the company notes that its overall financial position remains healthy. As of 22 May, the unaudited cash and cash equivalents as of Q1 was $632.8m, and the available facilities in various currencies were approximately $704.7m.

The company is still in the process of finalising its results for H1 2020 and will provide further details of its performance when it releases the financial results.