Jardine C&C reports 16% jump in FY2017 profit

JARDINE Cycle & Carriage (Jardine C&C) on Thursday reported a 16 per cent jump in full-year earnings, to US$811 million for 2017, from US$702 million in 2016.

This was thanks in part to a net non-trading gain of US$23 million recorded by the group, from investment property revaluations and net gains on disposal of interests in certain companies and investments, which were partly offset by impairment charges.

Jardine C&C's earnings per share increased to US$2.05 in FY2017, from US$1.78 in FY2016. Its revenue was up 12 per cent year-on-year to US$17.7 billion for FY2017.

Chairman Ben Keswick said: "The group achieved a satisfactory result in 2017 as an improved performance from (Indonesian business) Astra (International) offset lower overall contributions from the group's direct motor interests and other strategic interests.

"Astra should continue to benefit in 2018 from improving economic conditions and stable commodity prices, although the competition seen in the car market is expected to intensify. The group's direct motor interests will continue to face challenges, while its other strategic interests are expected to produce growth."

Jardine C&C shares finished Thursday down 21 Singapore cents at S$36.96.