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."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google’s payments to Apple reached US$20 billion in 2022, antitrust court documents show
DBS Q1 profit up 15% to S$2.96 billion; interim dividend at S$0.54
Qualcomm forecast beats estimates as AI drives chip sales in China
eBay forecasts Q2 revenue below estimates as consumer spending remains strained
AIG beats profit estimates on underwriting strength
Huawei lab barred by US regulators as part of crackdown on China