Jardine Cycle & Carriage Q1 profits crashed 36% to $135.4m

Astra’s contribution to its profit dipped 4%.

It was a slow start of the year for Jardine Cycle & Carriage as its profit crashed by 36% YoY from $211.7m to $135.4m. According to its financial statement, revenue was up by 12% YoY to $4.64b.

The contribution of Astra to profit dipped 4% to US$177m. Profit from Jardine C&C’s direct motor interests was 23% higher at US$28m, whilst the Group’s other strategic interests made a contribution of US$10m.

Jardine C&C chairman Ben Keswick commented, “Astra is continuing to benefit from stable coal prices, although the car market is increasingly competitive. Whilst the Group’s Direct Motor Interests are also likely to continue to face challenges, its Other Strategic Interests are expected to produce growth. Overall, the current outlook for the full year is for a satisfactory performance.”

Its consolidated net debt grew to US$1.4b at the end of March 2018 primarily due to Astra’s toll road, GO-JEK investments, and capex in its mining contracting business, together with the investments in Toyota Motor Corporation and other associates and joint ventures.