Business Development Asia LLC
South East Asian Automotive News
ISSUE 3, OCTOBER 1997
SINGAPORE
Cycle & Carriage Ltd. has announced a first-half net profit of S$99m (US$65m), up 3% from S$96m (US$64 m) last year. But the Singapore automobile distributor and property developer warned that tough conditions in the country's motor retail sector will cause earnings to decline by the end of the year. C&C is the sole licensed distributor for Mercedes-Benz in Singapore. The Deutschmark has weakened against the Singapore dollar this year, reducing the import cost of German cars and spare parts. (September 5th 1997)
Intraco, the Rover and Holden car distributor, announced a 66% fall in half year profits. The Government-linked motor and trading group blamed high COE (certificate of entitlement) premiums and intense competition for its continued losses. Intra-Motors, the vehicle dealership of Intraco, plans to shift its focus to rental and leasing to soften the effect of the slowdown in new car sales. (August 30th 1997)
Renault of France will open its regional headquarters in Singapore. It joins GM, Mercedes-Benz, BMW, Honda and Toyota who already run their regional operations from the city state. (August 25th 1997)
Recent News: Indonesia, Thailand, Malaysia, Philippines, Regional Focus: The impact of South East Asia's financial turmoil on the auto industry
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