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Indonesia economic growth lifts Jardine C&C Q1 earnings

ECONOMIC growth in Indonesia and a commodity price recovery lifted results for Jardine Cycle & Carriage in its first fiscal quarter.

Net profit shot up 49.6 per cent to US$210.4 million from the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended March 31, revenue increased 16 per cent to US$4.23 billion from the previous year. The growth in revenue came as its Astra unit showed improvements in almost all of its businesses, the group said.

Astra's automotive businesses grew their market shares for both cars and motorcycles and its financial services business also fared better as Permata Bank returned to profit, while higher commodity prices led to better trading performances from its heavy equipment and agribusiness operations, the group said.

Earnings per share rose to 53 US cents from 36 US cents in the previous year. Jardine Cycle and Carriage shares closed S$0.88 or 1.8 per cent down at S$47.23 on Friday before the results were announced.

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