$Jardine C&C (C07.SG)$ Jardine Cycle and Carriage (Jardine C...
Jardine Cycle and Carriage (Jardine C&C) has posted an underlying profit of US$500 million ($669 million) for the 1HFY2024 ended Jun, down 14% y-o-y.
After accounting for non-trading items of US$17 million, which mainly comprised unrealised fair value losses related to non-current investments, the company’s profit attributable to shareholders was US$483 million, down 25% compared to US$648 million in the same period last year.
Revenue in 1HFY2024 was down by 8% y-o-y to $10.7 billion. This was mainly due to lower sales from Astra's automotive, heavy equipment and coal mining operations, as well as Cycle & Carriage Malaysia.
For the period, the company plans to maintain the interim dividend payout of 28 US cents to its shareholders.
In its earnings commentary, Jardine C&C group managing director Ben Birks notes that its businesses in Indonesia and Vietnam experienced softer consumer demand and lower commodity prices in the first half of 2024.
Weaker domestic currencies in these countries also had an impact on the overall profit contribution in US dollar terms, says Birks. "Notwithstanding these current headwinds, to deliver attractive returns to our shareholders, Jardine C&C has continued to actively take steps to strengthen future earnings through aligning strategies, capital allocation and leadership."
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Deep Sea : Earnings result is acceptable.
bullrider_21 OP Deep Sea : I think it's not as bad as expected.
Deep Sea bullrider_21 OP : Right. Good to invest in this stock based on current 25.xx price. Hold long term also can make money. Dividend is good.
hh488 : So this is good chance to buy or add more on the dip? I still like to wait at sub-25.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
bullrider_21 OP hh488 : The fact that it is still falling doesn't inspire confidence. When it goes XD, it may fall below 24.95- 25.02 support and may continue falling.