Jardine C&C profits slip 9% to $838m in January-September 2019

Downturns in automotive operations in Vietnam and Indonesia led to the fall.

Jardine Cycle & Carriage, the holding arm for Jardine Matheson, recorded a 9% slip in underlying profit to $838m (US$614m) in the first nine months of 2019, according to a press release.

The company attributed the downturn to lower contributions from their automotive firms Astra in Indonesia and Truong Hai in Vietnam, with Astra being affected by weak domestic consumption and low commodity prices for the rest of the year.

Revenue also went down by 1% to $18.9b (US$13.9b) for the same period. Meanwhile, profit attributable to shareholders jumped 95% to $995m (US$729m) due to net non-trading gains of $156m (US$115m) from unreleased fair value gains related to non-current investments. Earnings per share surged to $0.0252 (US$0.0184).

Jardine’s direct motor interests registered a 24% drop in profit contributions to $107m (US$79m) in 2019 from $140m (US$103m) last year.

For Q3, net profits jumped 50% to $409.9b (US$301.4b) for Q3, from $272b (US$200.5b) in the same quarter last year. Revenue dipped 1% to $4.75b.

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