Jardine Cycle & Carriage Limited (JC&C) has released its Interim Management Statement for the third quarter of 2023. The company performed well in the first nine months of the year, with higher contributions from its subsidiaries Astra and Direct Motor Interests. Astra reported a 17% increase in underlying earnings, driven by improvements in its automotive and financial services divisions. The automotive division achieved higher car and motorcycle sales and increased market share, while the financial services division saw higher lending volumes and lower loss provisions. However, profit from the heavy equipment and mining division was flat due to lower coal prices. The agribusiness division was also impacted by lower crude palm oil prices. THACO's automotive operations were affected by competitive pressure and a weak automotive market in Vietnam. Direct Motor Interests delivered an improved performance, with higher operating volumes in Indonesia and increased profitability in Malaysia. However, Cycle & Carriage in Singapore recorded lower new and used car sales. Results from Other Strategic Interests were lower, primarily due to lower sales volumes and high energy costs at Siam City Cement. JC&C also recorded lower foreign exchange losses on its foreign currency loans compared to the same period last year. Despite ongoing economic challenges and geopolitical uncertainties, the company expects its full-year results to be satisfactory. JC&C is the investment holding company of the Jardine Matheson Group in Southeast Asia and is listed on the Mainboard of the Singapore Exchange.