SINGAPORE -- Cycle & Carriage Ltd. (C&C), Southeast Asia's fourth-largest car company, reported a sharply higher quarterly net profit on Thursday boosted by a strong performance from its Indonesian car unit.
C&C, which owns 35.1 percent of PT Astra International, said net profit for the third quarter to September rose to S$128 million ($73.8 million) from S$51 million.
Revenue was up 18 percent at S$1.52 billion.
Indonesia's leading car maker Astra and Singapore motor operations contributed to the group's bottom line, C&C said.
"Astra continued to be the major profit contributor and was the most significant component of the increase in profits despite a lower level of gain on its foreign currency denominated debt," it said in a statement.
It said Astra gained from growth in both car and motorcycle markets despite a lower market share.
C&C said the group expects to have a satisfactory performance for the remainder of the year and does not plan to declare an interim dividend for the third quarter ended September 30.