Jardine Cycle & Carriage posts 22 per cent growth in first half earnings

SINGAPORE - Non-trading gains helped bolster earnings at Jardine Cycle & Carriage (Jardine C&C) by 22 per cent in the first half of this year.

The automotive group on Friday posted a net profit of US$399 million for the six months ended June 30, up from the US$328 million in the same period a year earlier.

This was after taking into account non-trading gains of US$24 million, which mainly comprised fair value gains on an investment held by an associate and on an investment property, it said.

Revenue expanded 11 per cent to US$8.52 billion, with increases in most of Astra's businesses, while underlying profit grew 13 per cent to US$375 million. Astra is the largest independent automotive group in South-east Asia.

Earnings per share came in at 101 US cents, up on the 83 US cents previously. Net asset value per share climbed to US$15.19, compared with US$14.56 as at Dec 31 last year.

Jardine C&C has declared an interim dividend of 18 US cents per share.

Shares of Jardine C&C closed 1.2 per cent or 50 cents lower at $40.08 on Friday, before the results were announced.