Cabcharge Australia results slide amid Uber competition

Company News

by David Murdoch

Cabcharge Australia (ASX:CAB) has reported a tumble in its results with its net loss diving 453 per cent on FY16 to $90.6 million for the 2017 financial year.

The taxi network's revenue softened, falling 10 per cent on FY16 to $151.9 million for the 2017 financial year.

The company attributed the slide in its results to increased competition, with the likes of Uber putting more pressure on taxi trip volumes.

Its earnings before interest and tax (EBIT) shed 4.2 per cent on the prior corresponding year, to $26 million.

The company declared a final and interim dividend distributions of 10 cents per share fully franked and a special dividend of 80 cents per share also fully franked for FY17.

Shares in Cabcharge Australia (ASX:CAB) are trading 6.44 per cent higher to $2.15.