Jardine Cycle & Carriage (JC&C) says that ongoing challenging conditions brought on by Covid-19 resulted in 'lower performance' across most of the group’s operations in the 1QFY2021 ended March.
Its Indonesian operations were particularly affected, with subsidiary Astra recording a 22% y-o-y decrease in earnings, according to JC&C’s interim management statement released on April 27.
Astra’s weaker performance came from lower sales from its automotive division and higher loan provisions and reduced lending volumes for its financial services division. However, better gold and coal prices kept its equipment and mining division stable. JC&C also notes that all three of the divisions showed q-o-q improvements.
The group also reported that Cycle & Carriage in Singapore saw improved margins, particularly from its used car segment, which offset lower sales volume.
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Meanwhile, Truong Hai Auto Corporation (THACO) saw higher nit sales and margins due to an improved sales mix. Siam City Cement saw higher sales volumes.
JC&C stated that its 1QFY2021 results were also impacted by translation losses on its foreign currency loan, though its financial position “remains strong”.
The group did not report any further details on financials for the quarter.
“JC&C’s overall performance has gradually improved in recent quarters. However, the Group expects that the pandemic and related containment measures will continue to affect its performance for some time,” the group wrote.
JC&C shares closed up 11 cents or 0.48% higher at $22.95 on April 27.
