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Jardine Matheson Holdings Ltd on Wednesday said its subsidiary, Jardine Cycle & Carriage, had performed well over the past nine months, reflecting improvements across all parts of the portfolio.
Jardine Cycle & Carriage is a 76%-owned subsidiary and investment holding company of the Jardine Matheson Group, and is seeking growth in Southeast Asia through investments in market-leading businesses.
Jardine Cycle said that Astra, an automotive group in which it has a 50% interest, reported a 49% increase in underlying earnings over the 9-month period.
Astra saw improvements across all major divisions, particularly in heavy equipment and mining, which benefited from higher coal prices.
Although the agribusiness division of Astra saw higher crude palm oil prices, these were offset by lower production levels.
Direct Motor Interests also saw an improved performance overall, with Tunas Ridean in Indonesia reporting higher contributions from its automotive and financial services operations.
However, within the division, Cycle & Carriage in Singapore saw slightly lower results. This was attributed to the impact of stock supply shortages on sales volumes.
Jardine Cycle & Carriage said that it had experienced a larger translation loss on its foreign currency loans during this period than the year prior, though it did not specify a figure.
Looking ahead, the group expects "satisfactory" performance for the rest of the year, as macroeconomic headwinds threaten to jeopardise consumer sentiment in Southeast Asia.
Jardine Matheson Holdings shares were trading 0.5% lower at $47.89 each in London on Wednesday afternoon.
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