Jardine Strategic Hldgs Ltd Interim Management Statement (6915N)
May 10 2018 - 6:34AM
UK Regulatory
TIDMJDS TIDMJAR
RNS Number : 6915N
Jardine Strategic 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 Strategic Holdings Limited
Interim Management Statement
10th May 2018 - Jardine Strategic 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 the Company, 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 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 58%, Hongkong Land
50%, Dairy Farm 78%, Mandarin Oriental 78% and Jardine Cycle &
Carriage 75%, which in turn has a 50% interest in Astra. It also
has a minority interest 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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