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The group uses underlying profit, as opposed to net profit, in its internal financial reporting, to distinguish between ongoing business performance and non-trading items. In a footnote, the group said the management considers it “a key performance measurement that enhances the understanding of the group’s underlying business performances”.
That said, the group’s net profit for H2 was 124.8 per cent higher than the year-ago period, at US$567.1 million. For the full year, net profit came in at US$1.2 billion, up 64.2 per cent from FY22’s US$740 million.
As for the group’s consolidated net debt position, the amount, excluding the net borrowings within Astra’s financial services subsidiaries, was US$1.1 billion as at end-2023, from a net cash position of US$893 million at the end of 2022.
The group attributed the rise to the deployment of capital at Astra in a number of strategic projects, as well as continued investment in the organic capital expenditure needs of its ongoing businesses, and enhanced dividends paid in 2023 at Astra.
Net debt within Astra’s financial services subsidiaries rose from US$2.8 billion at the end of 2022 to US$3.4 billion. JC&C corporate net debt was US$1.3 billion, down from US$1.5 billion at the end of 2022.
The group said it expects the year ahead to be challenging in view of lower commodity prices and “only a mild recovery of sentiment” in Vietnam.
Its businesses, nevertheless, have made good progress in 2023 and will remain focused on their strategic priorities to build a solid foundation for strong long-term growth, it stated.
Shares of JC&C rose 0.04 per cent or S$0.01 to S$26 on Tuesday, before the results’ release.
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