Jardine Strategic Hldgs Ltd Interim Management Statement (0383W)
09 November 2017 - 8:18PM
UK Regulatory
TIDMJDS TIDMJAR
RNS Number : 0383W
Jardine Strategic Hldgs Ltd
09 November 2017
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
Jardine Strategic Holdings Limited
Interim Management Statement
9th November 2017 - Jardine Strategic Holdings Limited has today
issued an Interim Management Statement for the third quarter of
2017.
Good trading performances in a number of the Group's businesses,
particularly Astra, Hongkong Land, Jardine Pacific and Jardine
Motors, led to improved earnings for the period under review. The
Group's balance sheet at 30th September 2017 remained strong with
gearing little changed since 30th June 2017.
Of the Group's businesses held through Jardine Matheson, Jardine
Pacific delivered good earnings growth as it saw an overall
improved performance from its Engineering and Construction
businesses and from HACTL, together with an initial contribution
from the interest in Greatview. Strong trading momentum in mainland
China continued to benefit the Group's automotive interests,
although the market was softer for Jardine Motors in the United
Kingdom. Jardine Lloyd Thompson saw its Risk and Insurance
businesses perform satisfactorily, despite continuing tough
markets, while in Employee Benefits the performance of its UK
operations improved further following their return to revenue and
profit growth and the international operations generally traded
well.
Within the businesses held directly by the Company, Hongkong
Land continued to perform well, benefiting from increasing rents in
its Hong Kong office portfolio. In the group's property development
activities, market sentiment in its key residential markets in
mainland China remained positive and satisfactory conditions
prevailed in Singapore. Despite Dairy Farm recording good
performances in most of its divisions, difficult trading in its
hypermarket and supermarket operations in Southeast Asia led to
flat sales for the period, which together with new store
pre-opening costs in Home Furnishings produced a marginally lower
underlying profit. In a mixed trading environment Mandarin Oriental
saw a generally improved result from its hotel portfolio, but
earnings were impacted by the ongoing renovation of its London
property. Mandarin Oriental continues to review strategic options
for The Excelsior in Hong Kong, including the possible
redevelopment of the site into a commercial building.
Jardine Cycle & Carriage's earnings rose with an increased
contribution from Astra, but profits in its other activities were
lower. Astra's automotive businesses continued to trade well,
although there was margin pressure in an increasingly competitive
car market. There were better results from its financial services
businesses, despite increased loan-loss provisions, following a
return to profit by Permata Bank. Higher commodity prices led to
strong performances from Astra's heavy equipment and mining, as
well as its agribusiness activities.
Jardine Strategic is a holding company which takes long-term
strategic investments in multinational businesses, particularly
those with an Asian focus, and in other high quality companies with
existing or potential links with the Group. Its principal
attributable interests are in Jardine Matheson 57%, Hongkong Land
50%, Dairy Farm 78%, Mandarin Oriental 77% and Jardine Cycle &
Carriage 75%, which in turn has a 50% interest in Astra. It also
has minority interests in Zhongsheng and Greatview Aseptic
Packaging. Jardine Strategic is 84% held by Jardine Matheson.
Jardine Strategic Holdings Limited is incorporated in Bermuda and
has a standard listing on the London Stock Exchange, with secondary
listings in Bermuda and Singapore. The Company's interests are
managed from Hong Kong by Jardine Matheson Limited.
- end -
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
Brunswick Group Limited
Karin Wong (852) 3512 5077
This and other Group announcements can be accessed through the
internet at www.jardines.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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