Accounting change sends Jardine C&C profits down by 36%

Singapore

JARDINE Cycle & Carriage (Jardine C&C) saw a first-quarter plunge in profits, no thanks to fair-value investment losses, according to financial statements released on Thursday.

Earnings fell to US$135.4 million for the three months to March 31, down by 36 per cent year on year, amid fair-value changes in its equity instrument investments.