Jardine C&C reports lower contributions across most business units in Q1 2025
[Singapore] Jardine Cycle & Carriage (JC&C) reported lower contributions across most of its business units in the first quarter of 2025 on Wednesday (Apr 30).
Astra in Indonesia reported a decrease in underlying profit, with contributions affected by the weaker Indonesian rupiah. The financial services segment of Astra, agribusiness and infrastructure units saw improved performance.
Financial services posted higher earning driven by larger loan portfolios, showing strong growth in multipurpose financing and increased market share of new vehicle financing. The agribusiness earnings was driven by higher crude palm oil prices and sales volumes. Higher toll tariffs resulted in higher earnings for the infrastructure business.
This was offset by automotive and mobility, and heavy equipment and mining business segments' fall in earnings. The drop in earnings in the automotive and mobility business was due to lower car and motorcycle sales, in line with lower wholesale market volumes.
The heavy equipment and mining business was affected by a decline in coal prices, driving down coal mining revenues and contracting columns. This was offset by higher gold prices and sales volume.
In Vietnam, Thaco recorded higher automotive sales volume, but was hit by the weaker Vietnamese dong. JC&C also increased its stake in Refrigeration Electrical Engineering Corporation (REE) from 41.4 per cent to 41.6 per cent in April. The first quarter's performance of REE will be included in JC&C's half-year results.
Cycle & Carriage in Singapore has achieved higher sales volumes, while Cycle & Carriage in Malaysia is still transitioning into an agency model.
Recent global trade tensions have created an uncertain macroeconomic environment. While JC&C is unlikely to see a direct impact from this uncertainty, the company is cautious of the knock-on effects, particularly on currency rates and consumer sentiment.
Shares of JC&C closed up 0.04 per cent or S$0.01 at S$25.93 on Wednesday.
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