SINGAPORE (Nov 7): Jardine Cycle & Carriage (JC&C), a holding company of Jardine Matheson, announced that its earnings have nearly doubled to US$729 million ($991 million) for the 9M19 ended September, from US$374 million in 9M18.
However, the surge was mainly due to net non-trading gains of US$115 million from unrealised fair value gains related to non-current investments. For the same period last year, there were net non-trading losses of US$300 million from unrealised fair value losses on these investments.
Stripping the effect of these non-trading items, the group’s underlying earnings for 9M19 were 9% lower at US$614 million, compared to US$674 million in the previous year.
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