Cabcharge
(ASX:CAB) has confirmed that the sale of its 49% equity interest in the CDCBus joint venture is expected complete in late February 2017.
The company is also anticipating proceeds of $184 million from the sale of this asset to Singapore transport giant ComfortDelGro.
Cabcharge will also recognise $7.9 million in impairment charges relating to its portfolio of taxi licence plates.
The company says this is due to “continuing uncertainty on future income level” resulting from “regulatory reforms” from certain states. These states include include Victoria, NSW, Western Australia and Queensland – which have legalised ride-sharing services like Uber.
Cabcharge posted a net profit of $25.6 million at 30 June 2016.
