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Jardine Cycle & Carriage H1 2018 net profit down 56% on non-trading losses.

JARDINE Cycle & Carriage's net profit for the six months ended June 30 fell 56 per cent year on year to US$174 million after accounting for net non-trading losses of US$240 million.

It said that the non-trading losses were principally unrealised fair value losses related to non-current investments, which resulted from new accounting standards.

Underlying profit, however, increased 10 per cent to US$414 million. Astra’s contribution of US$354 million to the group’s underlying profit was 12 per cent higher, while underlying profit from the group’s direct motor interests was 18 per cent higher at US$74 million.

Revenue for the six-month period also rose 10 per cent to US$9.19 billion, while earnings per share dropped to 44 US cents, down from 101 US cents previously. It declared an interim dividend of 18 US cents.

Chairman Ben Keswick said: “For the rest of the year, Astra’s overall performance is expected to be satisfactory, led by its heavy equipment and mining businesses although there are concerns over competitive pressures in the car market. The group’s direct motor interests and other strategic interests are expected to continue to perform strongly.”

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