Weaker pound hits ComfortDelGro's revenue

SINGAPORE (Aug 12): Transport operator ComfortDelGro Corp reported a 1.4% decline in revenue for 2Q16 to $1.02 billion.

The decline was attributed to foreign currency translation effects of $18 million. Of this, $13 million was attributed to a decline in the Sterling pound versus the Singapore dollar (SGD). Other currencies that fell against the SGD were the Australian dollar, renminbi and ringgit.

Revenue from the UK and Ireland made up 23.7% of total revenue during the quarter. ComfortDelGro owns Metroline, London's second-largest public bus operator. Through several other subsidiaries, it also operates a fleet of 5,675 taxis and private hire vehicles.

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