Jardine C&C profits up 13% to $253.53m in Q3

Thanks to better performance from its Astra business.

Jardine Cycle & Carriage's profits accelerated by 13% YoY from $253.53m (US$186.2m) to $287.45m (US$211.1m) in Q3 and by 11% YoY to $803.40m (US$590m) for the first nine months of the year.

According to its financial statement, the increase was driven by Astra's contribution that increased by 25% to $679.34m (US$499m).

Astra reported a net profit equivalent to $1.44b (US$1.06b) under Indonesian accounting standards for the nine months with increases seen in most of its operations.

Jardine C&C said its automotive businesses achieved improved market shares for both cars and motorcycles, but experienced an increasingly competitive car market. The results from its financial services businesses improved with a return to profit by Permata Bank, whilst increased commodity prices led to a strong performance from heavy equipment and mining, as well as its agribusiness activities.

Meanwhile, the contribution from its direct motor interests fell 21% YoY to $121.18m (US$89m), 21% down on the previous year, whilst contribution from other interests fell by 13% YoY to $25.87m (US$19m).

Revenue also rose by 13% YoY from $6.04b (US$3.93b) to $4.44b in Q3, whilst operating profit jumped 19% YoY from $514.88m (US$378.2m) to $614.26m (US$451.1m).