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SINGAPORE, Oct 30 (Reuters) - 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.
Shares of C&C surged 5.5 percent to S$5.75 prior to the results announcement. ($1=1.735 Singapore Dollar)