Jardine Cycle & Carriage sees marginal dip in net profit to $1.2 billion

JARDINE Cycle & Carriage has reported a 4 per cent dip in net profit to US$987 million (S$1.21 billion).

Underlying profit, net of non-trading items, was stable at US$1.02 billion.

Revenue for the year ended Dec 31 climbed by 7 per cent to US$21.54 billion.

Key revenue and profit contributor, Astra International, had what was described by Jardine C&C chairman Ben Keswick as a satisfactory year, "although its performance will be influenced by commodity prices and the effects of minimum downpayment regulations in automotive financing" in Indonesia.

However, the group's other motor interests will continue to face challenging trading conditions, he warned.

Astra's underlying profit contribution, at US$1.02 billion, was up 1 per cent on the previous year as currency movements offset much of its earnings growth in rupiah.

Group earnings per share slipped to 277.48 US cents from 289.68 US cents previously while net asset value per share strengthened by 65 US cents to US$13.04.

An unchanged final dividend of US$1.05 a share was recommended.