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Companies

ComfortDelGro banks on acquisitions as profit shrinks

Reduced incentives by ride-hailing services to level playing field, company says

ComfortDelGro has seen profits shrink with the proliferation of ride-hailing apps such as Grab. (Photo by Keiichiro Asahara)

SINGAPORE (Nikkei Markets) --Transport operator ComfortDelGro's taxi business remains under pressure but the company expects recent developments in Singapore to level the playing field even as it ramps up acquisitions to scale up its operations.

In a statement announcing first-quarter results, group chief executive Yang Ban Seng described the period as "very eventful."

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