Cabcharge Australia Ltd, the country’s monopoly taxi booking company, said first half net profit slumped by more than a fifth as it lost business to ride sharing service Uber Technologies Inc [UBER.UL].

Net profit was A$24.4 million for the six months to Dec. 31, from A$31.2 million in the previous first half.

Revenue fell 11.8 percent to A$88.6 million, which the company said was the result of new price controls limiting the commission it is allowed to charge.

(Reporting by Byron Kaye)

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