Between May 27 and 28, Jardine Cycle & Carriage group finance director Amy Hsu purchased 10,000 shares at an average price of S$27.43 per share. This was her first acquisition via a market transaction since she was appointed to the position in August 2022. Hsu oversees the group&rsquo s portfolio investments and leads financial strategy and planning, treasury, tax, risk management and investor relations.

 

On Apr 29, Jardine Cycle & Carriage released an interim management statement for its Q1FY24 (ended Mar 31). The group maintains 50.1 per cent ownership of prominent Indonesian group, Astra, which contributed 93 per cent to its FY23 revenue.

 

For Q1FY24, Astra&rsquo s financial overview indicated a mixed performance across its divisions with a 5 per cent decline in underlying profit, excluding fair value adjustments from its equity investments. Its car and motorcycle sales declined due to subdued economic conditions.

 

The financial services division saw an uptick in earnings thanks to an expanded loan portfolio. The agri-business division was supported by increased crude palm oil sales, while the infrastructure and logistics division also reported higher earnings from greater toll revenue.

 

The heavy equipment and mining division faced a downturn because of falling coal prices. Jardine Cycle & Carriage maintains a diverse portfolio in South-east Asia, extending beyond its interests in Astra. Its regional interests include investments in Vietnam&rsquo s automotive leader Thaco, power and utility specialist REE, regional cement provider Siam City Cement, and dairy producer Vinamilk.

 

Additionally, the group has a presence in the automotive retail sector with dealerships in Singapore, Malaysia, Myanmar, and Indonesia through Tunas Ridean.