Jardine Cycle & Carriage (JC&C), a Jardine Matheson company, announced on July 30, that its 1H20 earnings fell 66% to US$138 million ($189.9 million) from US$407 million last year.

Earnings per share for 1H20 fell 66% to 35 US cents from US$1.03 in 1H19.

Revenue for 1H20 fell 28% y-o-y to US$6.60 billion mainly due to the significantly weaker performances registered by Astra’s automotive segment, financial services, and heavy equipment and mining operations due to the pandemic containment measures across most of Indonesia.

Corporate costs rose 232% y-o-y to US$61.4 million primarily attributable to a foreign exchange loss from the translation of foreign currency loans in 1H20, compared to a gain last year.

The board has declared an interim one-tier tax exempt dividend of 9 US cents per share for the half-year period, compared to the 18 US cents per share declared in 1H19.

Looking ahead, JC&C says it remains confident that its strong financial position and “clear strategic priorities” will position it well to deliver long-term growth.

As at June 30, cash and cash equivalents stood at US$3.04 billion compared to the US$1.61 billion registered last year.

Shares in JC&C closed flat at US$20 on Thursday (July 30).