SINGAPORE -- Traditional taxi companies are struggling in the age of ride-sharing but Singapore's largest cab group ComfortDelGro has managed to claw out of the slump through overseas acquisitions as its 2019 outlook brightens with government plans to tighten regulatory oversight of its new technology rivals.
ComfortDelGro, which controls 60% of Singapore's taxi market with 12,000 vehicles, on Feb. 13 logged a 40% increase in its net profit for the October to December quarter from a year ago at about 83 million Singapore dollars ($61 million). That marked its first year-on-year rise in seven quarters. The company's net profit for the 2018 full-year also increased 0.6% to SG$303 million.
