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RNS Number : 4296M Jardine Matheson Hldgs Ltd 29 April 2024
To: Business Editor
29th April 2024
For immediate release
Jardine Cycle & Carriage Limited
Interim Management Statement
The following announcement was issued today by the Company's 79%-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
29th April 2024
JARDINE CYCLE & CARRIAGE LIMITED
INTERIM MANAGEMENT STATEMENT
Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its
Interim Management Statement for the first quarter of 2024.
In the first three months of 2024, the Group experienced softer trading
conditions in its businesses in Indonesia and Vietnam.
Astra reported a 5% decrease in underlying profit, excluding fair value
adjustments from its equity investments.
· Car and motorcycle sales were down, reflecting subdued economic
conditions.
· Earnings from its financial services division improved with a larger
loan portfolio.
· Profit from its heavy equipment and mining division was lower due to
lower coal prices, which impacted coal profits and heavy equipment sales.
· The agribusiness division's improved earnings were supported by
higher sales of crude palm oil and its derivatives.
· The infrastructure and logistics division reported improved earnings
due to higher toll revenue.
THACO's automotive sales volume in the current period were largely flat, as
the business continued to be impacted by the challenging economic environment
and soft consumer demand in Vietnam.
Direct Motor Interests saw lower profits. Cycle & Carriage in Singapore
was impacted by higher leasing expenses as well as lower profit contribution
from the used car operations. However, new car sales volume saw a modest
improvement. Tunas Ridean in Indonesia saw lower sales volume, reflecting the
softer automotive market in Indonesia. Cycle & Carriage Bintang in
Malaysia has fully transitioned to agency model at the start of the year.
Under Other Strategic Interests, Siam City Cement's performance saw improved
profits that were supported by lower energy costs. The first quarter
performance of Refrigeration Electrical Engineering Corporation will be
included in JC&C's half year results.
JC&C saw foreign exchange losses on its foreign currency loans in the
current period, compared to foreign exchange gains in the equivalent period
last year.
The remainder of the year is expected to face headwinds, as the global
geopolitical and economic uncertainties could further weigh on the economic
recovery of the Group's markets. We remain confident that the quality of
JC&C's overall portfolio will deliver long-term growth.
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 and MSCI Singapore Index, the Group is 79%-owned by
Jardines. By investing in the region's market-leading businesses, we aim to
deliver sustainable growth to create evermore opportunities for our
stakeholders in Southeast Asia.
· Astra (50.1%-owned), a prominent Indonesian group participating in
automotive, financial services, heavy equipment, mining, construction &
energy, agribusiness, infrastructure, IT and property.
· Truong Hai Group Corporation ("THACO") (26.6%-owned), Vietnam's
fast-growing business group with market-leading position in automotive, and
interests in real estate and agriculture.
· Direct Motor Interests making up an extensive dealership network
through the Cycle & Carriage businesses in Singapore (100%-owned),
Malaysia (97.0%-owned) and Myanmar (60%-owned), and Tunas Ridean (49.9%-owned)
in Indonesia.
· Other Strategic Interests comprising Refrigeration Electrical
Engineering Corporation ("REE") (34.9%-owned) in Vietnam with interests in
power and utilities including renewable energy, property development and
office leasing, and mechanical & electrical engineering; Siam City Cement
("SCCC") (25.5%-owned) operating in Thailand, Vietnam, Sri Lanka, Cambodia and
Bangladesh; and Vinamilk (10.6%-owned), the leading dairy producer in
Vietnam.
For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .
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