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Jardine Cycle & Carriage reports lower Q3 profit

Jardine Cycle & Carriage saw a 15 per cent slide in net profit year on year to US$182.2 million for the three months ended Sept 30.

Revenue for the third quarter slumped 20 per cent to US$3.7 billion while earnings per share for the quarter under review came to 49.14 US cents, down from 58.27 US cents a year ago.

For the nine-month period, net profit sank 16 per cent year on year to US$544 million, down from the previous year which had benefited from a net non-trading gain of US$18 million. Revenue also dropped 15 per cent to US$11.94 billion.

The group saw lower contributions from Indonesia-based automotive company Astra during the period due to weaker domestic demand and stiff competition, which was further hit by the weakening in the rupiah against the greenback.

The decline in Astra's performance was partly offset by improved results in the group's direct motor interests and contribution from the group's other interests.