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Jardine C&C's Q1 profit drops 20% to US$141m
JARDINE Cycle & Carriage's (Jardine C&C) first-quarter net profit fell 20 per cent to US$140.6 million, or 36 US cents per share, on weaker contributions from its Astra subsidiary, the auto distributor announced on Thursday after the market closed.
Revenue declined 9 per cent to US$3.6 billion. Indonesia-based Astra contributed US$111 million to underlying profit, down 27 per cent, amid "challenging market conditions" in Indonesia and a weaker rupiah.
Astra's car sales declined by 7 per cent to 127,000 units, but a general reduction of discounts helped to improve margins.
"The group continues to face challenging trading conditions across the region," Jardine C&C said. "In Indonesia, Astra is seeing soft automotive demand, weak commodity prices and a further deterioration in corporate credit quality in Permata Bank."