Jardine Cycle and Carriage profit up by 5%

Consolidated net debt was US$750 m at end-June 2012.

In a release, Jardine Cycle and Carriage’s revenue increased by 19% to US$11.2 billion in the first half of 2012. Profit attributable to shareholders grew by 5% to US$511 million and earnings per share also rose 5% to US¢143.74.

Here's more from Jardine Cycle and Carriage:

Astra’s profit contribution was US$518 million, up 6%, with benefits of the good growth in most of its major businesses being partly offset by a weaker rupiah. The Group’s other motor interests contributed a profit of US$31 million, 12% higher than the previous year.

The Group’s consolidated net debt at the end of June 2012 was US$750 million, excluding borrowings within Astra’s financial services subsidiaries, compared to the net debt of US$108 million at the end of 2011. Net debt within Astra’s financial services subsidiaries was US$3.6 billion at the end of June, reflecting an increase in volume financed. Parent company net debt was US$74 million.

The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2011:US¢18 per share). The interim dividend is available in cash in US dollars or Singapore dollars. In July 2012, the Group disposed of its entire shareholding of less than 5% in a company for approximately US$135 million, from which a non-trading gain of approximately US$56 million is expected to be recognised in the full-year results.

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