Jardine Matheson Hldgs Ltd JC&C Interim Management Statement (8344F)
09 Noviembre 2022 - 03:34AM
UK Regulatory
TIDMJAR
RNS Number : 8344F
Jardine Matheson Hldgs Ltd
09 November 2022
To: Business Editor 9th November 2022
For immediate release
Jardine Cycle & Carriage Limited
Interim Management Statement
The following announcement was issued today by the Company's
76%-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 2022
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
2022.
The Group continued to perform well over the past nine months,
reflecting improvements across all parts of the portfolio.
Astra reported a 49% increase in underlying earnings excluding
fair value gains from its equity investments, with improvements
across its major divisions, supported by the domestic economic
recovery and higher commodity prices. Its automotive division
benefitted from higher car sales, which offset a decline in
motorcycle sales due to temporary supply chain disruption caused by
shortages of semiconductor chips. Astra's financial services
division saw higher lending volumes and lower loan loss provisions.
The heavy equipment and mining division benefitted from higher coal
prices, with increased equipment sales. The agribusiness division
saw higher crude palm oil prices, but the impact of higher prices
was offset by lower production levels.
THACO's year-to-date automotive performance benefitted from a
temporary reduction in registration fees for locally-assembled
vehicles. Although the policy expired in May, its sales and margins
continued to be supported by a good product lineup and an improved
sales mix.
Direct Motor Interests saw an improved performance overall.
Tunas Ridean in Indonesia reported higher contributions from its
automotive and financial services operations. Cycle & Carriage
Bintang in Malaysia recorded higher sales volumes and margins
backed by a larger order book, arising from a temporary reduction
in government sales tax. Cycle & Carriage in Singapore saw
slightly lower results, however, as sales volumes continued to be
impacted by the tightened COE cycle and stock supply shortages.
Other Strategic Interests also performed well overall, mainly
due to improved profits for REE from its hydropower investments as
a result of favourable hydrography, as well as the commissioning of
three new wind power plants. Siam City Cement's results were
adversely impacted by high energy costs.
JC&C experienced a larger translation loss on its foreign
currency loans during this period than in the corresponding period
last year.
While the Group's performance for the rest of the year is
expected to remain satisfactory, headwinds are arising from the
challenging global macroeconomic environment, including the effects
of higher inflation and interest rates which may impact consumer
sentiment and moderate growth in Southeast Asia.
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 and one of the largest independent automotive groups in
Southeast Asia.
JC&C also has significant interests in Vietnam, including
26.6% in THACO Corporation, 33.6% 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, 76%-owned by the
Jardine Matheson Group. Together with its subsidiaries and
associates, JC&C employs around 240,000 people across Southeast
Asia.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFSESUUEESEDF
(END) Dow Jones Newswires
November 09, 2022 04:34 ET (09:34 GMT)
Jardine Matheson Holding... (LSE:JARJ)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Jardine Matheson Holding... (LSE:JARJ)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024