Jardine Matheson Hldgs Ltd Interim Management Statement (7375O)
November 09 2016 - 3:15AM
UK Regulatory
TIDMJAR TIDMJDS
RNS Number : 7375O
Jardine Matheson Hldgs Ltd
09 November 2016
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
9th November 2016 - Jardine Matheson Holdings Limited has today
issued an Interim Management Statement for the third quarter of
2016.
Mixed trading conditions have continued through the period under
review, leading to underlying earnings being little changed from
last year. The Group's balance sheet at 30th September 2016
remained strong with net debt before financial services at some
US$2.5 billion and gearing at 5%, compared with 6% at 30th June
2016.
Of the Group's businesses held directly by Jardine Matheson,
Jardine Pacific saw increased earnings in some of its operations,
but its overall performance was held back by a softer result from
engineering and construction. In Jardine Motors, mainland China
continued to perform well, but trading in Hong Kong was soft and
the contribution from the United Kingdom was impacted by the
weakening of sterling. Jardine Lloyd Thompson saw its Risk and
Insurance businesses deliver a resilient performance in difficult
trading conditions, while in Employee Benefits its international
operations traded well and progress continues on restructuring its
United Kingdom business.
Within the businesses held through Jardine Strategic, the
performance of Hongkong Land's Hong Kong office portfolio remained
positive, while in the residential sector its key markets in
mainland China continued to strengthen although market sentiment in
Singapore was subdued. Dairy Farm achieved sales growth in all
divisions against a background of fluctuating demand, and earnings
were ahead of last year as higher contributions from its Food and
Restaurant operations together with its Yonghui investment offset
the slightly lower profits from its Health and Beauty and Home
Furnishings divisions. Mandarin Oriental saw its earnings decline
following reduced demand in its key destinations of Hong Kong,
London and Paris.
Astra's net income for the period fell, despite higher
automotive profits that benefited from new model launches, with
reduced contributions from its heavy equipment and mining
contracting operations and a significant increase in loan-loss
provisions at Permata Bank offset some good performances from its
consumer finance businesses. Jardine Cycle & Carriage's
non-Astra interests produced improved earnings.
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, retailing, restaurants, luxury hotels,
motor vehicles and related activities, 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 as its primary listing, 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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