Jardine Cycle & Carriage (Jardine C&C) has reported an underlying profit of US$529 million ($682.14 million), up 6% y-o-y for 1HFY2025 ended June 30.
After accounting for non-trading items that are unrealised gains/losses arising from the revaluation of the group’s non-current investments, the group reported a profit attributable to shareholders of US$371 million, down 23% y-o-y for 1HFY2025.
A US$33 million translation gain on foreign currency corporate loans was recorded in the first half of 2025, compared to a loss of US$28 million in the same period last year, improving the underlying profit of the group.
Lower corporate net debt over the period ended June 2025 compared to the prior period ended June 2024 also resulted in lower net financing charges.
Jardine C&C’s businesses in Indonesia contributed US$466 million, a decrease of 9% y-o-y, while Vietnam increased its contribution by 17% to US$36 million. Regional Interests reported a 16% y-o-y lower contribution of US$20 million, mainly due to the disposal of Siam City Cement in the second half of 2024.
The group’s consolidated net cash position, excluding the net borrowings from Astra’s financial services subsidiaries, was US$26 million at the end of June 2025, compared to net debt of US$235 million at the end of 2024, with the improvement mainly due to strong operating cash flow.
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Net debt within Astra’s financial services subsidiaries increased from US$3.7 billion to US$3.9 billion. JC&C corporate net debt was relatively unchanged at US$810 million.
The board has declared an interim dividend one-tier tax-exempt dividend of 28 US cents per share for the 1HFY2025.
Shares in Jardine C&C closed 17 US cents lower or 0.618% down at US$27.35 on July 30.
