Jardine Cycle & Carriage (JC&C) expects the full-year underlying profit to be “broadly similar to the previous year”, it says in its interim management statement for the third quarter of 2025.
The group said in the first nine months of the year, improvements were made in several of its non-Astra businesses, in addition to favorable translation gains on corporate loans.
In Indonesia, Astra reported a decrease in underlying profit for the 9MFY2025 ended Sept 30, excluding fair value adjustments from its equity investments. The weaker Indonesian Rupiah also impacted Astra’s contributions.
Astra’s financial services, agribusiness, and infrastructure businesses saw increased contributions, while the heavy equipment and mining businesses reported lower earnings, and overall automotive performance was stable.
In Vietnam, THACO recorded higher automotive sales volume, supported by higher commercial vehicle sales. However, it faced greater competitive pressure in the passenger car segment, impacting market share and margins.
REE posted higher profits due to stronger earnings from its power generation business, driven by improved hydrology conditions. Its contribution to JC&C was also higher because of JC&C’s increased shareholding to 41.6%.
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Regionally, Cycle & Carriage achieved higher profits mainly driven by higher used car sales, the delivery of electric buses under tender projects, and higher aftersales throughput in Singapore.
Shares in JC&C closed 4 cents higher or 0.122% up at $32.74 on Nov 10.
