Jardine reports mixed earnings as Astra mining profits fall
The update follows the sale of Cycle & Carriage to Indonesia’s Chandra Asri Pacific, which generated a S$221 million gain in August.
Jardine Matheson Southeast Asia reported uneven results across its businesses for the first nine months of 2026, with weaker mining earnings at Indonesia’s Astra contrasting with improvements at its Vietnamese investments. The Hong Kong-based group disclosed the figures in a Nov 10 bourse filing.
Astra, in which Jardine holds 50.1 per cent, recorded a 1 per cent fall in net profit after excluding several non-recurring charges. Its mining and heavy equipment business posted a 28 per cent profit decline, reflecting reduced gold mining sales and lower coal quotas, Jardine said.
Automotive earnings at Astra rose 8 per cent as wholesale sales of cars and motorcycles increased. Financial-services earnings climbed 6 per cent as loan portfolios expanded. Jardine also reported increased car sales and profits at Tunas Ridean, its 49.9 per cent-owned Indonesian dealership group.
In Vietnam, Truong Hai Group (THACO) generated higher profits as property sales increased. Automotive sales also rose, but competition squeezed margins. REE reported earnings growth in most segments. Jardine owns 26.7 per cent of THACO and 41.7 per cent of REE.
The update was Jardine’s first since selling automotive distributor and retailer Cycle & Carriage to Chandra Asri Pacific in August, generating a S$221 million gain. Ahead of the filing, Jardine shares finished at S$24.08, gaining S$0.37, or 1.6 per cent.
