Comfort Delgro

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28 May 2020 Another 50% rental waiver for June 2020, after 100% waiver for May and Apr 2020 - comfort taxi
Continue to push for cabbies delivery job option
Currently 50 F&B including McDonald's, KFC and Pizza Hut

Cabby Frankie Chew, 51, is grateful to the Company for the initiative. The cabby of 16 years said:
“Now that Singapore is slowly reopening and students are heading back to school, I hope passenger traffic will increase. I have been switching between taxi-driving and delivery jobs. I am hopeful I can make
ends meet.” 
(click to read news)

Stay home and stay safe, valuebuddies.
The manual of ideas:
Reply
28 May 2020 Another 50% rental waiver for June 2020, after 100% waiver for May and Apr 2020 - comfort taxi
Continue to push for cabbies delivery job option
Currently 50 F&B including McDonald's, KFC and Pizza Hut

Cabby Frankie Chew, 51, is grateful to the Company for the initiative. The cabby of 16 years said:
“Now that Singapore is slowly reopening and students are heading back to school, I hope passenger traffic will increase. I have been switching between taxi-driving and delivery jobs. I am hopeful I can make
ends meet.” 
(click to read news)

Stay home and stay safe, valuebuddies.
The manual of ideas:
Reply
Rainbow 
11 June 2020 Meeting minutes of CDG
https://links.sgx.com/FileOpen/CDG%20-%2...eID=617552

"Covid-19 phenomenon has changed the competitive landscape drastically. There is a common unseen enemy. The Taxi Business’s drivers’ earnings, which is monitored daily, has been very badly affected. The Group had given S$116 million in rental rebates to-date – so much so that the Group was incurring huge losses in the Taxi Business. He said that it is part of the Group’s responsibility to help its drivers, who are our business partners, as much as possible. 

... the Group had been through SARS. At that time, taxi driver income was also badly hit. However, the impact of Covid-19 is many-fold worse than SARS. The repercussions of the current pandemic transcend many industries, sectors and geographies. 
With governments implementing circuit breakers and lockdowns and other social distancing measures in all the countries where the Group operated, the Group’s business had been severely impacted. While public transport and taxis were considered essential services and continued to operate, mileage and ridership had fallen significantly. This also had a severe knock-on effect on demand for the Group’s other ancillary services like engineering services, driver training, advertising, etc. Those too had been impacted. 
No one could say for sure whether it would be a U, V, W or L shaped recovery. But based on reports in the mainstream media, businesses were struggling, especially those in the aviation, hospitality, tourism and transportation sectors. High unemployment would be expected. Bankruptcies are in the pipeline. 
How long these would drag on would depend on whether a vaccine is discovered. 
Technology had already become widely used in everyday life. Putting on masks to move around might become the norm. Working from home would become a mainstay of many companies. International travel and globalisation would likely take a long while to resume and it might never get back to what it was.

Chairman said that it was widely expected by medical experts that the pandemic would not go away any time soon, not until an effective vaccine was developed. Even then, lifestyle and the way business is done would not be the same as before. Directives by health authorities and government agencies on social distancing and other public health hygiene measures would impact the way business would be done. Economies had been seriously disrupted, with high unemployment. It would take many years for any degree of normalcy to return. All these would have a direct impact on the Company."

Stay home and stay safe, valuebuddies.
Reply
Rainbow 
11 June 2020 Meeting minutes of CDG
https://links.sgx.com/FileOpen/CDG%20-%2...eID=617552

"Covid-19 phenomenon has changed the competitive landscape drastically. There is a common unseen enemy. The Taxi Business’s drivers’ earnings, which is monitored daily, has been very badly affected. The Group had given S$116 million in rental rebates to-date – so much so that the Group was incurring huge losses in the Taxi Business. He said that it is part of the Group’s responsibility to help its drivers, who are our business partners, as much as possible. 

... the Group had been through SARS. At that time, taxi driver income was also badly hit. However, the impact of Covid-19 is many-fold worse than SARS. The repercussions of the current pandemic transcend many industries, sectors and geographies. 
With governments implementing circuit breakers and lockdowns and other social distancing measures in all the countries where the Group operated, the Group’s business had been severely impacted. While public transport and taxis were considered essential services and continued to operate, mileage and ridership had fallen significantly. This also had a severe knock-on effect on demand for the Group’s other ancillary services like engineering services, driver training, advertising, etc. Those too had been impacted. 
No one could say for sure whether it would be a U, V, W or L shaped recovery. But based on reports in the mainstream media, businesses were struggling, especially those in the aviation, hospitality, tourism and transportation sectors. High unemployment would be expected. Bankruptcies are in the pipeline. 
How long these would drag on would depend on whether a vaccine is discovered. 
Technology had already become widely used in everyday life. Putting on masks to move around might become the norm. Working from home would become a mainstay of many companies. International travel and globalisation would likely take a long while to resume and it might never get back to what it was.

Chairman said that it was widely expected by medical experts that the pandemic would not go away any time soon, not until an effective vaccine was developed. Even then, lifestyle and the way business is done would not be the same as before. Directives by health authorities and government agencies on social distancing and other public health hygiene measures would impact the way business would be done. Economies had been seriously disrupted, with high unemployment. It would take many years for any degree of normalcy to return. All these would have a direct impact on the Company."

Stay home and stay safe, valuebuddies.
Reply
Rainbow 
19 June 2020 CDG joint bid for Metro projects in France
https://links.sgx.com/FileOpen/Press%20R...eID=619627

ComfortDelGro Corporation, RATP Dev and Alstom have entered into a collaboration agreement to jointly bid for Grand Paris Express (GPE) greenfield metro projects in the Greater Paris region, France.
Chairman Lim Jit Poh said the move was a “significant” step in furthering the Group’s
vision of expanding its rail capabilities beyond Singapore. “We have been operating light and heavy
rail in Singapore for 17 years now and have amassed strong capabiltiies. This partnership is
testimony to how far we have come and we are excited to be participating in the GPE tender. I think
the three companies complement each other very well and the breadth and depth of experience that
they bring to the table cannot be discounted. As a Group, ComfortDelGro will continue to look at
opportunities around the world, especially in countries we already operate in as we work at growing
our rail portfolio.”

Stay home and stay safe, valuebuddies.
Reply
Rainbow 
19 June 2020 CDG joint bid for Metro projects in France
https://links.sgx.com/FileOpen/Press%20R...eID=619627

ComfortDelGro Corporation, RATP Dev and Alstom have entered into a collaboration agreement to jointly bid for Grand Paris Express (GPE) greenfield metro projects in the Greater Paris region, France.
Chairman Lim Jit Poh said the move was a “significant” step in furthering the Group’s
vision of expanding its rail capabilities beyond Singapore. “We have been operating light and heavy
rail in Singapore for 17 years now and have amassed strong capabiltiies. This partnership is
testimony to how far we have come and we are excited to be participating in the GPE tender. I think
the three companies complement each other very well and the breadth and depth of experience that
they bring to the table cannot be discounted. As a Group, ComfortDelGro will continue to look at
opportunities around the world, especially in countries we already operate in as we work at growing
our rail portfolio.”

Stay home and stay safe, valuebuddies.
Reply
Rainbow 
26 June 2020 Profit guidance CDG
https://links.sgx.com/FileOpen/ComfortDe...eID=621171
The expected net loss for 1HFY2020 is mainly attributable to:
(a) the significant impact of COVID-19 on the Company’s operating regions as highlighted in the Company’s COVID-19 Business Update published on SGXNet on 22 May 2020; and
(b) the possibility of impairment of the Company’s investments in certain local and overseas subsidiaries. 

Wear mask and keep your distance when going out, valuebuddies.
Heart
Reply
Rainbow 
26 June 2020 Profit guidance CDG
https://links.sgx.com/FileOpen/ComfortDe...eID=621171
The expected net loss for 1HFY2020 is mainly attributable to:
(a) the significant impact of COVID-19 on the Company’s operating regions as highlighted in the Company’s COVID-19 Business Update published on SGXNet on 22 May 2020; and
(b) the possibility of impairment of the Company’s investments in certain local and overseas subsidiaries. 

Wear mask and keep your distance when going out, valuebuddies.
Heart
Reply
Rainbow 
27 July 2020 1H  Result ended 30 Jun 2020 to be announced on Friday, 14 Aug 2020 after trading hour
https://links.sgx.com/1.0.0/corporate-an...787186d8f5

Wear mask and keep your social distance, everyone
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Rainbow 
27 July 2020 1H  Result ended 30 Jun 2020 to be announced on Friday, 14 Aug 2020 after trading hour
https://links.sgx.com/1.0.0/corporate-an...787186d8f5

Wear mask and keep your social distance, everyone
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Rainbow 
1H Result as at 30 Jun 2020
Rev $1.5b (vs 1.9b)
GP    $6m (vs 222b)
NP    $1m (vs 173m)
Div NIL (vs 4.5cts)

The full economic impact of COVID-19 is still unfolding, the scale and duration of which remains uncertain.  the resurgence of COVID-19 cases, as experienced in some cities in China and Australia recently, that resulted in reinstatement of lockdown measures is likely to recur until a vaccine is available. 

The future Global economy post-COVID-19 will be different arising from socioeconomic factors such as work from home arrangements and changes to supply chain management, while governments and financial markets focus on rebuilding and recovering from the pandemic. 

With the challenging outlook, revenues are expected to remain depressed and margins under pressure.

https://links.sgx.com/FileOpen/COMFORTDE...eID=627823

Stay home and stay healthy, everyone.
Heart
Reply
Rainbow 
1H Result as at 30 Jun 2020
Rev $1.5b (vs 1.9b)
GP    $6m (vs 222b)
NP    $1m (vs 173m)
Div NIL (vs 4.5cts)

The full economic impact of COVID-19 is still unfolding, the scale and duration of which remains uncertain.  the resurgence of COVID-19 cases, as experienced in some cities in China and Australia recently, that resulted in reinstatement of lockdown measures is likely to recur until a vaccine is available. 

The future Global economy post-COVID-19 will be different arising from socioeconomic factors such as work from home arrangements and changes to supply chain management, while governments and financial markets focus on rebuilding and recovering from the pandemic. 

With the challenging outlook, revenues are expected to remain depressed and margins under pressure.

https://links.sgx.com/FileOpen/COMFORTDE...eID=627823

Stay home and stay healthy, everyone.
Heart
Reply
Cabbies, private-hire drivers and operators to get additional $112m in aid; new private-hire drivers must be citizens, at least 30 years old

https://www.straitstimes.com/singapore/t...rs-old-lta

SINGAPORE - Cabbies, private-hire drivers and operators will get an additional $112 million in financial assistance from the Government.

This is on top of a $77 million package announced in February and a second tranche of $120 million rolled out in March.

The Land Transport Authority said on Tuesday (Sept 15) that the additional aid is to “help our P2P (point-to-point) drivers and operators tide over this difficult period”.

At the same time, the LTA said it has also made changes to the Private Hire Car Driver's Vocational Licence (PDVL) criteria to align it with requirements for a Taxi Driver's Vocational Licence.

With immediate effect, all new PDVL applicants must be Singapore citizens who are at least 30 years old.

Demand for P2P services are currently at 70 per cent of pre-pandemic levels, the authority said. It also noted that trips are shorter, resulting in lower fares.

Ridership is unlikely to return to pre-pandemic levels in the near term, it added, as many employees are expected to continue working from home, tourism activities “remain muted” and the current poor economic conditions means more people will be spending less.

Senior Minister of State for Transport Amy Khor said: “This package of relief measures will further help to support our drivers and operators through this difficult period and mitigate some of their concerns and challenges.”

Of the $112 million, $106 million will go towards a six-month extension of the Special Relief Fund (SRF) to March 2021.

The SRF, which started in February, helps active taxi and private-hire drivers defray business costs by providing monthly payouts of $300 per vehicle per month (or $10 per day).

Drivers who are currently receiving SRF payouts will continue to receive SRF payouts during the extended period.

More 40,000 P2P drivers are expected to qualify for the extended SRF, the LTA said.

Taxi operators have also pledged to continue providing matching rental rebates worth an additional $29 million to their hirers.

To help them supplement their income, the authority added that P2P drivers will be allowed to do deliveries for another year until end-September 2021.

Referring to the new rules for private-hire drivers, the LTA said PDVL applications received before 5.30pm on Sept 15, 2020 will continue to be processed under the previous eligibility criteria.

Under earlier rules, drivers could apply for a PDVL as long as they were aged 21 and above and had held a driving license for two years.

Commenting on the new criteria for private-hire drivers, Singapore University of Social Sciences transport economist Walter Theseira said: “The effect of this policy comes down to what kind of driving the younger drivers were supplying. If they were coming onto the market during peak periods, where demand exceeds supply, they were not really affecting full-time older drivers’ income.

“But now that demand has changed, it looks like this move is done to stop excessive entry into the market, which would erode drivers’ income.”

As for the third tranche of financial aid, which is funded by taxpayers and which brings the total amount of aid to the sector to more than $300 million this year, observers said it may not be sustainable.

Mr Neo Nam Heng, chairman of diversified motor group Prime, which is also a taxi operator and private-hire operators, said: “Instead of giving us fish, give us a fishing net. We need long-term solutions.”

Mr Neo said the underlying problem with the market is oversupply, which exerts a huge depreciation cost on operators, and dilutes income for drivers.
Reply
Cabbies, private-hire drivers and operators to get additional $112m in aid; new private-hire drivers must be citizens, at least 30 years old

https://www.straitstimes.com/singapore/t...rs-old-lta

SINGAPORE - Cabbies, private-hire drivers and operators will get an additional $112 million in financial assistance from the Government.

This is on top of a $77 million package announced in February and a second tranche of $120 million rolled out in March.

The Land Transport Authority said on Tuesday (Sept 15) that the additional aid is to “help our P2P (point-to-point) drivers and operators tide over this difficult period”.

At the same time, the LTA said it has also made changes to the Private Hire Car Driver's Vocational Licence (PDVL) criteria to align it with requirements for a Taxi Driver's Vocational Licence.

With immediate effect, all new PDVL applicants must be Singapore citizens who are at least 30 years old.

Demand for P2P services are currently at 70 per cent of pre-pandemic levels, the authority said. It also noted that trips are shorter, resulting in lower fares.

Ridership is unlikely to return to pre-pandemic levels in the near term, it added, as many employees are expected to continue working from home, tourism activities “remain muted” and the current poor economic conditions means more people will be spending less.

Senior Minister of State for Transport Amy Khor said: “This package of relief measures will further help to support our drivers and operators through this difficult period and mitigate some of their concerns and challenges.”

Of the $112 million, $106 million will go towards a six-month extension of the Special Relief Fund (SRF) to March 2021.

The SRF, which started in February, helps active taxi and private-hire drivers defray business costs by providing monthly payouts of $300 per vehicle per month (or $10 per day).

Drivers who are currently receiving SRF payouts will continue to receive SRF payouts during the extended period.

More 40,000 P2P drivers are expected to qualify for the extended SRF, the LTA said.

Taxi operators have also pledged to continue providing matching rental rebates worth an additional $29 million to their hirers.

To help them supplement their income, the authority added that P2P drivers will be allowed to do deliveries for another year until end-September 2021.

Referring to the new rules for private-hire drivers, the LTA said PDVL applications received before 5.30pm on Sept 15, 2020 will continue to be processed under the previous eligibility criteria.

Under earlier rules, drivers could apply for a PDVL as long as they were aged 21 and above and had held a driving license for two years.

Commenting on the new criteria for private-hire drivers, Singapore University of Social Sciences transport economist Walter Theseira said: “The effect of this policy comes down to what kind of driving the younger drivers were supplying. If they were coming onto the market during peak periods, where demand exceeds supply, they were not really affecting full-time older drivers’ income.

“But now that demand has changed, it looks like this move is done to stop excessive entry into the market, which would erode drivers’ income.”

As for the third tranche of financial aid, which is funded by taxpayers and which brings the total amount of aid to the sector to more than $300 million this year, observers said it may not be sustainable.

Mr Neo Nam Heng, chairman of diversified motor group Prime, which is also a taxi operator and private-hire operators, said: “Instead of giving us fish, give us a fishing net. We need long-term solutions.”

Mr Neo said the underlying problem with the market is oversupply, which exerts a huge depreciation cost on operators, and dilutes income for drivers.
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