Jardine Matheson Hldgs Ltd Interim Management Statement (6913N)
10 May 2018 - 9:34PM
UK Regulatory
TIDMJAR TIDMJDS
RNS Number : 6913N
Jardine Matheson Hldgs Ltd
10 May 2018
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 Matheson Holdings Limited
Interim Management Statement
10th May 2018 - Jardine Matheson Holdings Limited has today
issued an Interim Management Statement for the first quarter of
2018.
Overall, the Group performed steadily during the period, with
earnings little changed from the same period in 2017. The Group's
balance sheet at 31st March 2018 remained strong with a modest
increase in gearing since the prior year end.
Of the Group's businesses held directly by Jardine Matheson,
Jardine Pacific experienced a slower start to the year, with lower
profitability across its businesses partially offset by a
contribution from its investment in Greatview acquired in June last
year. Jardine Motors continued to trade well in mainland China and
improvement was seen in Hong Kong and Macau, but the market was
weaker in the United Kingdom. Jardine Lloyd Thompson has made a
good start to the year, set against the current insurance rating
environment, and anticipates continued good organic revenue growth
in its global specialty business.
Within the businesses held through Jardine Strategic, Hongkong
Land's office portfolio in Hong Kong saw positive rent reversions
and high occupancy levels, while its property development
activities in mainland China and Singapore continued to benefit
from sound market sentiment. Dairy Farm's results improved, despite
the overall trading environment varying across formats and regions,
as good performances from Health and Beauty, Maxim's and Yonghui
offset the continuing weakness in Food, particularly in Southeast
Asia. The majority of hotels in Mandarin Oriental's portfolio
traded better, particularly in Hong Kong, Singapore, Bangkok and
Tokyo, but overall earnings were held back by the renovations of
its London and Madrid properties.
Jardine Cycle & Carriage reported higher results in the
first quarter with improvements in its Direct Motor Interests and
Other Strategic Interests offset by a lower contribution from
Astra. Astra saw declines in a number of its business segments,
including automotive, agribusiness and financial services, which
more than offset improvements from its heavy equipment, mining,
construction and energy businesses.
Jardine Matheson is a diversified Asian-based business group
with unsurpassed experience in the region. Its interests include
Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong
Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage
and Astra. These companies are leaders in the fields of engineering
and construction, transport services, insurance broking, property
investment and development, food retailing, home furnishings,
restaurants, luxury hotels, motor vehicles and related operations,
financial services, heavy equipment, mining and agribusiness.
Jardine Matheson Holdings Limited is incorporated in Bermuda and
has a standard listing on the London Stock Exchange, with secondary
listings in Bermuda and Singapore. Jardine Matheson Limited
operates from Hong Kong and provides management services to Group
companies.
- 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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