Jardine Strategic Hldgs Ltd JC&C Interim Management Statements (9628K)
27 April 2020 - 7:55PM
UK Regulatory
TIDMJDS TIDMJAR
RNS Number : 9628K
Jardine Strategic Hldgs Ltd
27 April 2020
To: Business Editor 27th April 2020
For immediate release
Jardine Cycle & Carriage Limited
Interim Management Statement
The following announcement was issued today by the Company's
75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Joey Ho (65) 9765 0717
Brunswick Group Limited
Ben Fry (65) 9017 9886
27th April 2020
JARDINE CYCLE & CARRIAGE LIMITED
INTERIM MANAGEMENT STATEMENT
Jardine Cycle & Carriage ("JC&C" or "the Group") today
issues its Interim Management Statement for the first quarter of
2020.
The Group experienced challenging trading conditions in the
first quarter as conditions began to deteriorate across its markets
due to the spreading COVID-19 pandemic.
The impact of COVID-19 and the measures to contain it on the
Group's businesses have increased significantly in April, with
effective lockdowns and social distancing measures resulting in
temporary closures of many of the Group's businesses. Both business
and consumer sentiment are expected to remain weak for some time
and the Group's performance in the current period will be
significantly impacted.
In each of the Group's businesses, debt levels and liquidity
positions are being carefully monitored and steps are being taken
to mitigate both operational and financial risks. A range of
actions are also being taken to manage costs and preserve cash,
including reducing capital expenditure and managing working
capital.
These are challenging times. We would like to express our
gratitude to employees across the Group for their continuing hard
work and dedication as we manage through the current environment
while remaining focused on the Group's long-term prospects.
Looking at the performance of individual businesses, within
Astra, despite solid performances in its automotive and financial
services businesses, and a higher contribution from the group's
agribusiness, overall performance declined in the first quarter of
the year, largely due to lower coal prices and weakening consumer
confidence. However, as the impact of COVID-19 has grown more
severe and anti-pandemic measures have taken effect, the group has
faced increasingly difficult conditions and its April performance
has been adversely impacted. These conditions are likely to persist
for some time.
In Singapore, Cycle & Carriage experienced lower sales due
to a reduction in market size and weak consumer sentiment. Sales of
Cycle & Carriage Bintang in Malaysia were similarly
affected.
Tunas Ridean also faced challenging conditions, with lower
profits across all its operations.
In Vietnam, THACO's automotive unit sales and margins,
particularly in the passenger car segment, declined due to a fall
in market volume as both business and consumer sentiment
deteriorated in an already challenging and competitive market.
Siam City Cement's operations in Thailand and Vietnam were
impacted by overall economic conditions in the first quarter and
are also now further affected by COVID-19-related impacts.
Vinamilk's operations are stable, with only moderate impact from
the crisis so far.
The Group's results were also impacted by translation losses on
its foreign currency loans.
CORPORATE PROFILE
Jardine Cycle & Carriage is the investment holding company
of the Jardine Matheson Group in Southeast Asia. JC&C seeks to
grow with Southeast Asia by investing in market leading businesses
based on the themes of urbanisation and the emerging consumer
class. The Group works closely with its businesses to enable them
to achieve their potential and to elevate their communities.
The Group has a 50.1% interest in Astra, a diversified group in
Indonesia, which is also the largest independent automotive group
in Southeast Asia.
JC&C also has significant interests in Vietnam, including
26.6% in Truong Hai Auto Corporation, 29% in Refrigeration
Electrical Engineering Corporation and 10.6% in Vinamilk. Its
25.5%-owned Siam City Cement also has a presence in South Vietnam,
in addition to operating in Thailand, Sri Lanka, Cambodia and
Bangladesh.
The other investments in JC&C's portfolio are the Cycle
& Carriage businesses in Singapore, Malaysia and Myanmar, and
46.2%-owned Tunas Ridean in Indonesia. These motor businesses are
managed by Jardine International Motors.
JC&C is a leading Singapore-listed company, 75%-owned by the
Jardine Matheson Group. Together with its subsidiaries and
associates, JC&C employs more than 250,000 people across
Southeast Asia.
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END
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