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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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.