Jardine Cycle & Carriage first-quarter net income drops 13 per cent

Jardine Cycle & Carriage has posted a 13 per cent drop in first-quarter net profit to US$231 million.

This was on the back of a 6 per cent dip in revenue to US$5.21 billion for the three months to March 31.

Underlying profit, the net of non-trading items, was the same as net profit as there were no non-trading items during the period.

Earnings fell due to mixed results from its units and a weaker rupiah affecting contributions from its Indonesian subsidiary Astra International, the firm told the Singapore Exchange.

It said improvements were seen in its financial services and mining contracting businesses but these were offset by lower earnings in its automotive, heavy equipment and agribusiness operations.