Jardine C&C shares slump on earnings miss; 'slower growth' outlook

JARDINE Cycle & Carriage shares fell as much as 10.7 per cent on Thursday after full-year earnings missed street estimates.

In its outlook statement, chairman Ben Keswick cautioned that Jardine C&C's main profit contributor, Astra International"is likely to face a number of macroeconomic and commercial headwinds in 2019, while the group’s direct motor interests and other strategic interests may also see slower growth”. Meanwhile, the wholesale market for motorcycles increased by 8 per cent to 6.4 million units. Astra Honda Motor’s domestic sales rose by 9 per cent to 4.8 million units, with its market share stable at 75 per cent.

Under this division, wholly owned unit Cycle & Carriage Singapore is one of the leading automotive groups in Singapore.

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