SG Morning Highlights | ComfortDelGro's H1 Net Profit Slips 31.9% to S$78.5 Million

Advancers / Decliners is 64 to 67, with 67.08 million securities worth S$81.54 million changing hands.

Nonetheless, the transport behemoth has raised its dividend payout ratio to a minimum of 70 per cent from 50 per cent as it wants to reward shareholders "more appropriately with what is going to be the traditional strong cash flow from current businesses".

It attributed the decline to a "decrease in other operating income and other gains and share of profit of joint ventures as well as the increase in selling expenses and finance cost". This was partly offset by an increase in gross profit and share of result of associates as well as decrease in administrative expenses and income tax, it added.

The property group also recorded a revenue of 14.8 billion yuan, up 31 per cent from 11.3 billion yuan in H1 2022.

The big drop can be attributed to the one-off recognition of $658.6 million in 1HFY2022 following the sale of its stake in ARA Asset Management.

If this gain is excluded, Straits Trading would have reported an ebitda that is 11.7% higher y-o-y, and profit after tax that's 19.2% lower y-o-y.

This brings its earnings per share (EPS) to 4.32 cents in 1HFY2023 compared to 5.9 cents in 1HFY2022.

The group also recorded a lower revenue of $155.1 million, a 29% decrease y-o-y, as sales softened 9% compared to the same period last year.