Taxi related services company Cabcharge Australia Ltd
(ASX:CAB) has released third quarter results for its joint venture entities ComfortDelGro Cabcharge and CityFleet UK.
Cabcharge had a 49 per cent stake in ComfortDelGro Cabcharge who turned over $66.2 million in the three months to September 30, a 40 per cent increase on the $19 million recorded in the same period last year.
Chairman Reg Kermode attributes the increase of the CDC results to revenue contributed by the Victorian Bus operations.
The company’s UK joint venture CityFleet UK, which it holds a 49 per cent interest in, recorded $30.7 million in turnover a decrease of $9.4 million from the same quarter last year.
Mr Kermode says the UK operations weaker performance in the third quarter of 2009 was due to the decline in corporate bookings as a consequence of the continued depressed economy in the UK.
Cabcharge recorded net profit of $61.38 million in 2009 its best in five years.
