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Jardine Strategic posts first-half profit decline YOY

Holding company Jardine Strategic Holdings Ltd. recorded a year-over-year decline in its net income for the first half of fiscal 2018 while its revenue increased.

The company posted net income attributable to shareholders of $984 million, or $1.72 per share, in the half ending June 30, falling from $2.34 billion, or $4.03 per share, in the same period last year.

Revenue for the first half rose to $16.94 billion, up from $14.96 billion in the prior-year period. The Astra unit generated the largest contribution to the company's revenue, at $8.15 billion up from the prior-year period's $7.37 billion. Jardine Cycle & Carriage generated $1.04 billion compared to $984 million posted in the same period last year.

The company said its net operating costs climbed to $15.40 billion from $13.39 billion in the comparable period. Cost of sales came in at $12.62 billion from $11.10 billion recorded in the same period last year.

Operating profit fell to $2.20 billion in the first half, down from $4.26 billion posted in the prior-year period.