Jardine Matheson Hldgs Ltd JC&C Interim Management Statement (2222R)
03 Noviembre 2021 - 4:47AM
UK Regulatory
TIDMJAR
RNS Number : 2222R
Jardine Matheson Hldgs Ltd
03 November 2021
To: Business Editor 3rd November 2021 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
3rd November 2021
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
2021.
Overall, JC&C performed well in the third quarter. Astra's
quarter-on-quarter performance improved notwithstanding the
continuing COVID-19 restrictions during the period. The performance
of Direct Motor Interests was relatively stable during the period,
while restrictions in Vietnam and Thailand impacted the
quarter-on-quarter performance of the Group's Other Strategic
Interests.
The Group's 2021 year-to-date underlying profit recovered
substantially, compared to the same period in 2020. This
performance reflects improvements across all parts of the
portfolio. However, by comparison with pre-pandemic levels, the
Group's overall results for the first nine months of 2021 were
slightly lower than the same period in 2019.
For the first nine months of the year, most of the Group's
businesses reported sustained recovery compared to the same period
in 2020.
-- Astra reported an 84% increase in underlying earnings. There
were improved performances across Astra's divisions, particularly
in automotive where car sales benefited from the implementation of
luxury sales tax incentives. Its financial services division saw
higher lending volumes and lower loan loss provisions. The heavy
equipment and mining division also performed strongly, with
increased equipment sales and coal prices. In addition, the
agribusiness division benefited from higher crude palm oil
prices.
-- Direct Motor Interests also saw an improved performance.
Cycle & Carriage in Singapore achieved higher sales volume and
improved margins, particularly for its premium car segment and used
car operations, which were less impacted than the mass market
segment by high COE prices. Cycle & Carriage Bintang in
Malaysia posted a profit due to a reduction in government sales tax
and lower operating costs. Tunas Ridean in Indonesia reported
higher contributions from its automotive and financial services
operations.
-- Other Strategic Interests performed well year-to-date,
although the third quarter performance of some businesses was
affected by lockdown measures implemented in Vietnam and Thailand.
Many of THACO's automotive showrooms were closed during this
period, but they gradually re-opened in October. REE's businesses
remained largely operational during the lockdown. Siam City Cement
saw lower sales volumes and selling prices as construction and
infrastructure activities slowed, and it was also adversely
impacted by higher energy costs.
The Group's year-to-date results continued to be impacted by
translation losses on its foreign currency loans.
While the pandemic situation will continue to create
uncertainties, the Group delivered a satisfactory performance and
we expect this recovery to continue 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, 31.0% 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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