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Jardine Cycle & Carriage profits decline

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Jardine Cycle & Carriage profits decline

Jardine Cycle & Carriage Ltd. posted a year-over-year decrease in net income for the second quarter, despite a rise in revenue.

The company reported net income attributable to shareholders of $38.6 million, or 10 cents per share, in the quarter ending June 30, down from $186.8 million, or 47 cents per share, in the same quarter last year.

Revenue climbed to $4.55 billion for the quarter, from $4.20 billion in the prior-year period.

The company said its net operating costs rose to $4.18 billion from $3.84 billion a year ago. Cost of sales for the quarter increased to $3.63 billion, from $3.42 billion.

Operating profit climbed to $365.5 million from $365.1 million.

Net income for the six-month period ending June 30 came in at $174 million, or 44 cents per share, compared to $398.5 million, or $1.01 per share, in the same period last year.

Jardine Cycle also declared a dividend of 18 cents per share, payable Oct. 5.