ComfortDelGro Taxi CEO, Ang Wei Neng, recently announced that the company is projected to make a loss for the year ending 31 Dec 2020 and it will be the “first time Singapore’s largest taxi operator will post full-year losses”.
He added that “the dramatic drop in tourist arrivals, the increased number of people working from home, the enhanced measures to restrict crowd at shopping malls and eateries as well as the closure of nightspots, are having a massive impact on our cabbies.”
The Singapore Government has dedicated S$55 billion or 11% of GDP to support the economy. The stimulus package ensures businesses can survive and the people are able to have some form of support to meet their daily expenses.
As a large company, ComfortDelGro is expected to dish out not only the amounts received as a passthrough but also additional amounts from their reserves. This is evident from