Jardine Cycle & Carriage Limited (C07.SI) on Thursday reported lower earnings for the first quarter, mainly impacted by weaker performance from Astra and Cycle & Carriage in a difficult operating environment.
Astra's net profit, excluding several non-recurring items, fell 8% year-on-year. The decline came despite a 2% rise in the wholesale car market, as Astra's market share slipped to 49% due to stronger competition and softness in the mass market segment. Its motorcycle business remained robust, retaining a 78% share of the market.
Financial services delivered a solid performance, with earnings rising 6%, supported by growth in loan portfolios.
Meanwhile, the heavy equipment, mining, construction, and energy segment saw a sharp 42% drop in profit, excluding non-recurring charges.
Agribusiness earnings increased 35% driven by higher sales volumes of crude palm oil and related products.
The infrastructure segment also performed well, posting 32% earnings growth, supported by higher tariffs and increased traffic volumes.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.