Jardine Cycle & Carriage (JC&C) says that ongoing challenging conditions brought on by Covid-19 resulted in 'lower performance' across most of the group’s operations in the 1QFY2021 ended March.
Its Indonesian operations were particularly affected, with subsidiary Astra recording a 22% y-o-y decrease in earnings, according to JC&C’s interim management statement released on April 27.
Astra’s weaker performance came from lower sales from its automotive division and higher loan provisions and reduced lending volumes for its financial services division. However, better gold and coal prices kept its equipment and mining division stable. JC&C also notes that all three of the divisions showed q-o-q improvements.