SOARING oil prices and foreign exchange losses helped pull ComfortDelGro Corp's full-year net profits down 10.3 per cent to $200.1 million.
Revenue at the transport giant grew 3.6 per cent to $3.13 billion for the 12 months to Dec 31 with expansion in all its core businesses. The group also had an exceptional gain of $26.5 million from a share swop it had with Cabcharge Australia last year. It also paid $10.1 million less in taxes, thanks to corporate tax cuts in China and Britain.
It took a $7.1 million hit from currency losses, on the back of a weakened British pound and Aussie dollar. Fuel and power expenses were $68.9 million higher than in 2007; and it lost $10.6 million in the diesel-dispensing business.
Earnings per share fell from 10.73 cents to 9.59 cents. Net asset value per share was 74.65 cents as at Dec 31, up from 71.11 cents a year earlier.
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