Jardine Cycle & Carriage saw profits plunge by 55% to $566m in FY18
Non-current investments impacted the group’s profits.
Profits of Jardine Cycle & Carriage plummeted by 55% YoY to $566m (US$420m) in FY2018 from $1.27b (US$939m) in 2017 after accounting for net non-trading losses of $591m (US$438m).
The group’s revenue for the year increased by 10% to $25.6b (US$19b), due largely to revenue growth in most of Astra’s businesses. The Group’s underlying profit attributable to shareholders was 12% higher at $1.16b (US$858m) and underlying profit per share was also 12% higher at US¢217.
Astra contributed $969.6m (US$719m) to the Group’s underlying profit, an increase of 15%. The underlying profit from its Direct Motor Interests was 19% higher at $196m (US$145m), whilst its Other Strategic Interests contributed an underlying profit of $96m (US$71m), up from $46m (US$34m) in the previous year.
The Group’s financial position remains strong, with shareholders’ funds at $8.29b (US$6.15 b) and net asset value per share at $20.99 (US$15.56) at the year end, albeit down by 4% from the end of 2017, due to translation losses resulting from the weaker Rupiah.
The Board is recommending a final one-tier tax dividend of $0.93 (US¢69) per share which, together with the interim dividend, will produce a total dividend for the year of $1.17 (US¢87) per share.