REG - Jardine Matheson Hdg - JC&C Interim Management Statement

Jardine Matheson HoldingsAnnouncement

09/11/2023 09:45

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RNS Number : 9422S  Jardine Matheson Hldgs Ltd  09 November 2023

 

To:  Business Editor
                        9th November 2023

 
                                          For immediate
release

Jardine Cycle & Carriage Limited
Interim Management Statement

The following announcement was issued today by the Company's 77.7%-owned
subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson Limited

Joey
Ho
                                    (65) 9765
0717

Brunswick Group Limited

Ben
Fry
                        (65) 9017 9886

9th November 2023

JARDINE CYCLE & CARRIAGE LIMITED

INTERIM MANAGEMENT STATEMENT

Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its
Interim Management Statement for the third quarter of 2023.

The Group performed well in the first nine months of 2023, mainly due to
higher contributions from Astra and Direct Motor Interests, reflecting the
resilience of the portfolio.  While growth is expected to moderate in the
remainder of the year due to ongoing economic challenges, geopolitical
uncertainties and reduced coal prices, the Group expects full-year results to
be satisfactory.

Astra reported a 17% increase in underlying earnings, excluding fair value
adjustments from its equity investments, with improvements mainly from its
automotive and financial services divisions.  Astra's automotive division
achieved higher car and motorcycle sales and increased market share.  Astra's
financial services division also benefitted from the growth in automotive
sales and saw higher lending volumes as well as lower loss
provisions.  Profit from the group's heavy equipment and mining division was
flat, reflecting lower coal selling prices despite improved performances from
heavy equipment and mining contracting operations.  The agribusiness
division was impacted by lower crude palm oil prices.

THACO's automotive operations were substantially impacted by greater
competitive pressure and the weak automotive market due to the slowdown of
Vietnam's economy.  Losses from its agricultural operations were, however,
lower than in 2022.

Direct Motor Interests delivered an improved performance.  Tunas Ridean in
Indonesia recorded higher operating volumes across its automotive, financial
services and leasing businesses.  Cycle & Carriage Bintang in Malaysia
saw an increase in profitability, while Cycle & Carriage in Singapore
recorded lower new and used car sales amidst a tightened COE cycle, but this
was partly offset by improved aftersales throughput volumes.

Results from Other Strategic Interests were lower, as Siam City Cement
continued to be adversely impacted by lower sales volumes and high energy
costs.

JC&C recorded lower foreign exchange losses on its foreign currency loans
compared to the equivalent period last year.

CORPORATE PROFILE

Jardine Cycle & Carriage ("JC&C" or "the Group") is the investment
holding company of the Jardine Matheson Group ("Jardines") in Southeast
Asia.  Listed on the Mainboard of the Singapore Exchange and a constituent
of the Straits Times Index, the Group is 77%-owned by Jardines.

By investing in the region's market leaders, we aim to deliver sustainable
growth to create evermore opportunities for the people and communities of
Southeast Asia.  The JC&C regional portfolio includes Astra, THACO,
Direct Motor Interests and Other Strategic Interests.  Together with our
subsidiaries and associates, JC&C provides over 240,000 jobs across the
region.

For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .

 

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