Uber profits: Taxi sales in Singapore drove Jardine C&C’s motor business up 25%

The only highlight of a bleak quarter.

Apps like Uber and GrabTaxi continue to make it easy for Singaporeans to catch a cab and the best type of cab is the Mercedes one. This explains why Jardine Cycle & Carriage saw its motor business jump 25% in Singapore due to improved unit sales and margins as well as higher contributions from after-sales and taxi sales.

That was the highlight of an otherwise bleak profits report. In Malaysia, Cycle & Carriage Bintang made a small contribution, compared to the breakeven position in 2013, following higher unit sales and a less severe pressure on margins in the premium car segment.

In Indonesia, Tunas Ridean’s contribution was down year-on-year in the face of competitive pressures on motor vehicle margins and lower gains on disposal of ex-rental vehicles, although this was partly offset by higher motorcycle sales and an improved result from its finance business. In Vietnam, Truong Hai Auto Corporation made a significantly higher contribution due to higher unit sales and margins following a recovery in the vehicle market. The Group’s new joint venture in Myanmar incurred a small operating loss.