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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