Jardine Cycle & Carriage reported on Wednesday its 2018 net profit fell 55 percent on-year to US$420 million, mainly on unrealized fair value losses related to non-current investments.
Non-trading items, including the unrealized losses from the revaluation of the company’s equity investments, were a loss of US$438 million, swinging from a year-earlier gain of US$169 million, Jardine C&C said in a filing to SGX after the market close on Wednesday.
Revenue for the year ended 31 December was US$18.99 billion, up 10 percent on-year, largely on revenue growth in most of Indonesian unit Astra’s businesses, it said.
Underlying profit attributable to shareholders rose 12 percent on-year in 2018 to US$858 million, with Astra contributing US$719 million, Jardine C&C said.
It proposed a final divided of 69 U.S. cents a share, up from 68 U.S. cents a year earlier; including the interim dividend, the total dividend for the year was 87 U.S. cents a share, up from 86 U.S. cents a year earlier.
In its outlook, the company pointed to its expansion plans.
“The group continues to pursue expansion in Southeast Asia by supporting the growth of Astra in Indonesia, strengthening its direct motor interests, and growing its other strategic interests by investing in market-leading companies which provide exposure to new business sectors in the region,” it said.
“Astra continues to seek opportunities in Indonesia to expand its existing activities and move into new sectors,” it said, adding that during the year, Astra invested in toll roads, mining, property and took an interest in GoJek, a ride-sharing platform.
In a separate filing, Jardine C&C said Adrian Teng, age 47, would step down ad group finance director, effective 31 March, to pursue opportunities outside the company; Teng will be succeeded by Stephen Gore, it said.
Gore, age 46, is currently chief financial officer of Jardine Pacific and Jardine Motors Group, it said.