Jardine Matheson Hldgs Ltd JC&C Interim Management Statement (5457J)
27 Abril 2022 - 05:20AM
UK Regulatory
TIDMJAR
RNS Number : 5457J
Jardine Matheson Hldgs Ltd
27 April 2022
To: Business Editor 27th April 2022
For immediate release
Jardine Cycle & Carriage Limited
Interim Management Statement
The following announcement was issued today by the Company's
75%-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
27th April 2022
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
2022.
JC&C delivered an improved performance in the first three
months of 2022, compared to the same period last year, mainly due
to higher contributions from Astra and Other Strategic
Interests.
Astra reported an 84% increase in earnings, driven primarily by
the domestic economic recovery and higher commodity prices. Astra's
increased car sales benefited from luxury sales tax incentives, and
Astra's financial services division recorded higher lending
volumes. The heavy equipment and mining division saw a strong
performance, with increased heavy equipment sales and higher coal
selling prices. In addition, Astra's agribusiness division recorded
higher crude palm oil prices.
Direct Motor Interests saw a relatively stable performance
overall. Tunas Ridean delivered improved profits, reporting higher
contributions from its automotive, financial services and vehicle
rental operations. There was also improved performance by Cycle
& Carriage Bintang in Malaysia, with the continuation of the
government sales tax reduction and the implementation of cost
control initiatives. Cycle & Carriage in Singapore, however,
recorded lower sales under challenging trading conditions due to
high COE prices and stock supply shortages.
Other Strategic Interests continued to perform well, as THACO
achieved higher automotive sales and margins mainly due to an
improved sales mix, supported by a reduction in registration fees
for locally-assembled vehicles. Siam City Cement, however, was
affected by high energy costs and the devaluation of the Sri Lanka
rupee.
While the Group is encouraged by the good performance achieved
in the first quarter, it remains cautious about the uncertainties
arising from the pandemic and geopolitical tensions for the rest of
the year.
CORPORATE PROFILE
Jardine Cycle & Carriage is the investment holding company
of the Jardine Matheson Group in Southeast Asia. JC&C seeks to
grow with Southeast Asia by investing in market-leading businesses
based on the themes of urbanisation and the emerging consumer
class. The Group works closely with its businesses to enable them
to achieve their potential and elevate their communities.
The Group has a 50.1% interest in Astra, a diversified group in
Indonesia, which is also the largest independent automotive group
in Southeast Asia.
JC&C also has significant interests in Vietnam, including
26.6% in THACO Corporation, 31.2% in Refrigeration Electrical
Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam
City Cement also has a presence in South Vietnam and operates in
Thailand, Sri Lanka, Cambodia, and Bangladesh.
The Direct Motor Interests in JC&C's portfolio are the Cycle
& Carriage businesses in Singapore, Malaysia and Myanmar, and
46.2%-owned Tunas Ridean in Indonesia.
JC&C is a leading Singapore-listed company, 75%-owned by the
Jardine Matheson Group. Together with its subsidiaries and
associates, JC&C employs around 240,000 people across Southeast
Asia.
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END
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