Jardine C&C’s H1 underlying profit drops 14%

Underlying earnings per share also dropped 14% to $1.70.

Jardine Cycle & Carriage (Jardine C&C) reported an underlying profit of $668m (US$500m) in H1 2024, down 14% from $779m (US$583m) in H1 2023.

The decline was due to softer consumer demand and lower commodity prices experienced by its businesses in Indonesia and Vietnam, as well as weaker domestic currencies against the US dollar.

After including non-trading items of $22.7m (US$17m), comprising unrealised fair value losses related to non-current investments, the company’s net profit was $645m (US$483m), down 25% from $914m (US$648m) a year ago.

Revenue for the period also dipped 8% to $14.2m (US$10.7m) from $15.5m (US$11.6m) a year ago.

Underlying earnings per share stood at $1.70 (US$1.27), reflecting a 14% decrease from $1.98 (US$1.48) in H1 2023.