SINGAPORE (Aug 4): Jardine Cycle & Carriage (Jardine C&C) reported half-year earnings of US$399 million ($541 million), 22% higher than US$328 million a year ago.
Group revenue in the first half was US$8.5 billion, 11% higher than the previous year. Group underlying profit grew by 13% to US$375 million. Earnings per share rose 22% to US$1.01.
Astra reported a net profit equivalent to US$702 million under Indonesian accounting standards, 31% up in its local currency, with increases in most businesses.
Jardine C&C’s direct motor interests contributed an underlying profit of US$63 million, 20% down on the previous year. The reduction was due largely to lower earnings in the automotive activities of Truong Hai Auto Corporation in Vietnam.
Profit from the group’s other interests -- comprising 25.5%-held Siam City Cement in Thailand and 22.9%-held Refrigeration Electrical Engineering Corporation (REE) in Vietnam -- also fell 46% to US$8 million.
The half year also saw non-trading gains of US$24 million, which primarily comprised fair value gains on an investment held by an associate and on an investment property.
“The outlook for the rest of the year is positive for Astra, although its results may be
tempered by increasing competition in the car market and soft demand in the motorcycle
market. The group’s direct motor interests and other interests will continue to face
challenges,” says Chairman Ben Keswick.
Jardine Cycle & Carriage has declared an interim one-tier tax exempt dividend of 18 US cents per share.
The counter closed 0.5 cent lower at US$40.08 on Friday.
