Jardine Cycle & Carriage H1 profits dip with weaker Indonesian economy

SINGAPORE - The drop in commodity prices in Indonesia and a weaker rupiah knocked back Jardine Cycle & Carriage's performance in the first half of this year.

The slow economy in Indonesia hurt the group's Astra International unit. Gloomy sentiment lowered consumer demand for cars, motorcycles and automotive parts, even as palm oil sales went down and a drop in coal production cut back on revenue from mining subsidiaries.

Net profit was 16 per cent lower, dropping from US$433 million (S$571.5 million) last year to US$362 million this year, and revenue plunged from US$9.5 billion to US$8.2 billion, down by 13 per cent.

Earnings per share fell by 16 per cent, to 98.8 US cents .

An interim dividend of 18 US cents per share will be paid on October 8.