Jardine C&C says the group’s financial position remains strong, with shareholders’ funds at US$6.1 billion and net asset value per share at US$15.56 at the year end, albeit down by 4% from the end of 2017, due to translation losses resulting from the weaker Rupiah. The group says it continues to invest, with capital expenditure and investments amounting to US$3.1 billion in 2018. Consolidated net debt, excluding financial services companies, was US$2.2 billion at Dec 31 2018, representing gearing of 16%.
SINGAPORE (Feb 27): Jardine Cycle & Carriage, which is celebrating its 120th Anniversary, reported a 55% fall in FY18 earnings to US$420 million ($566 million) from a year ago, after accounting for net non-trading losses of US$438 million due to unrealised fair value losses related to non-current investments.
FY18 revenue for the group increased 10% to US$19 billion, due largely to revenue growth in most of Astra’s businesses which contributed US$719 million to the group’s underlying profit, an increase of 15%. The underlying profit from its Direct Motor Interests was 19% higher at US$145 million, while its Other Strategic Interests contributed an underlying profit of US$71 million, up from US$34 million in the previous year.
