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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Jardine Cycle & Carriage Ltd, a 75%-owned subsidiary, reports a "challenging" first quarter of 2021. Most of its operations, particularly in Indonesia, saw a worse performance than a year ago. PT Astra International Tbk, in which Cycle & Carriage holds a 50.1% stake, last week had reported a 22% decline in net earnings, amid lower sales volumes in the automotive division and higher loan provisions. More positively, among Direct Motor Interests, the Singapore business saw improved profit margins, particularly in used cars, and the Malaysian business benefited from a government sales tax reduction and its own cost savings.
"JC&C's overall performance has gradually improved in recent quarters. However, the group expects that the pandemic and related containment measures will continue to affect its performance for some time," Jardine Cycle & Carriage said.
Current JC&C stock price in Singapore: SGD22.95
Year-to-date change: up 17%
Current Jardine Matheson stock price in Singapore: USD65.34
Year-to-date change: up 17%
By Tom Waite; thomaslwaite@alliancenews.com
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