Jardine Cycle & Carriage (C07) Q1 2025 earnings summary

Executive summary

• Lower contributions from most businesses in the first quarter of 2025, with currency headwinds impacting results.

• Astra's underlying profit declined, mainly due to weaker automotive, heavy equipment, and mining segments, partially offset by gains in financial services, agribusiness, and infrastructure.

• Vietnam's THACO saw higher automotive sales, but results were dampened by currency depreciation.

• Cycle & Carriage in Singapore achieved higher new and used car sales; Malaysia continued its agency model transition.

Financial highlights

• Astra's financial services posted higher earnings from larger loan portfolios and increased market share in new vehicle financing.

• Agribusiness earnings improved due to higher crude palm oil prices and sales volumes.

• Infrastructure division earnings grew on higher toll traffic revenues.

• Automotive & mobility and heavy equipment & mining segments reported lower profits, with coal price declines impacting mining revenues.

• Tunas Ridean experienced lower car sales and profits.

Outlook and guidance

• Heightened global trade tensions create macroeconomic uncertainties, especially regarding currency rates and consumer sentiment.

• Direct impact from trade tensions is expected to be limited, but caution remains over potential knock-on effects in operating markets.