Tough times seem here to stay for land transport companies such as ComfortDelGro Corporation Ltd (SGX: C52), or CDG.
The land transport giant recently released its full-year 2020 earnings report, and it was, unfortunately, not a pretty picture.
Back in November, we reviewed CDG’s results. Back then, a big question was whether the business could witness a turnaround with the arrival of Phase III in Singapore.
Three months later, the pandemic situation remains acute and vaccine distribution is stalling in many countries due to logistical problems.
The threat of mutated versions of the coronavirus being more deadly and infectious has also cast a pall on efforts to contain the disease.
Investors should be rightfully concerned about CDG’s prospects as the outlook remains cloudy.
Here are five highlights from the transportation conglomerate’s earnings that you should take note of.
Propped up by government reliefs
For 2020, the group reported a 17.2% year on year fall in revenue to S$3.2 billion for the full year.