JARDINE Cycle & Carriage : C07 0% posted a net profit of US$648 million for the first half ended Jun 30, 2023, a 33 per cent increase from a year ago, following higher contributions from Astra and the direct motor interests business segment.

The group’s revenue rose 9 per cent to US$11.7 billion, from US$10.7 billion the year before.

Earnings per share was US$1.64, increasing from US$1.23 a year ago.

The board has recommended an interim dividend of 28 US cents per share, unchanged from H1 2022, to be paid out on Oct 6.

Jardine C&C said Astra’s automotive segment recorded higher sales volumes. Net income for the segment rose 33 per cent to US$379 million.

Car sales were 7 per cent higher, while sales of Astra Honda motorcycles were 56 per cent higher as the unit faced production constraints the previous year, caused by semiconductor supply issues.

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Net income from Astra’s financial services business rose 32 per cent to US$255 million, on higher contributions from the consumer finance business.

Net income from the heavy equipment, mining, construction and energy segment increased 11 per cent to US$459 million. During the six months, heavy equipment sales and mining contracting continued to benefit from higher coal prices.

Jardine C&C’s direct motor interests contributed US$35 million in profit, up 22 per cent. Cycle & Carriage Singapore had lower car sales volumes due to a tightened COE (Certificate of Entitlement) cycle.

But Tunas Ridean in Indonesia contributed 30 per cent more profit than a year ago, on better volumes across its automotive, financial services and leasing businesses. Cycle & Carriage Bintang in Malaysia had higher new car sales volumes.

Truong Hai Group Corporation in Vietnam, however, saw profit contribution plunge 72 per cent. Automotive profits were significantly reduced, as the Vietnam market was impacted by weaker economic and consumer sentiment, and greater competitive pressure.

Profit from Jardine C&C’s other strategic interests was down 15 per cent to US$29 million, dragged mainly by Siam City Cement, which continued to be impacted by high energy costs.

The group said economic uncertainties remain, but expects progress to continue into the second half of the year.

The counter ended at S$33.95 on Friday, up S$0.40 or 1.2 per cent.