Interim Management Statement

RNS Number : 0846I

Jardine Matheson Hldgs Ld

13 November 2008

 



To: Business Editor                                                                        For immediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

Jardine Matheson Holdings Limited

Interim Management Statement

13th November 2008 - Jardine Matheson Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 12th November 2008 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom. 

During the period under review the deterioration in the global economic environment began to affect a number of the Group's businesses, although others have yet to feel the impact. Jardine Pacific's operations performed steadily, but Jardine Motors is facing a significantly weaker market in the United Kingdom. Jardine Lloyd Thompson's earnings will benefit from the continuing improvement in its underlying businesses and from effective cost controls.

Hongkong Land is seeing reduced activity in the commercial property markets of Hong Kong and Singapore following a strong first half, and its residential development operations are facing harsher conditions. Dairy Farm's major businesses, however, are still performing well and expansion is continuing. Mandarin Oriental's hotels are experiencing lower occupancy, and certain of its development projects are expected to be delayed. After an exceptionally good first nine months of the year in Indonesia, falling commodity prices, the reaction of consumers to the general economic slowdown and a weakening Rupiah will have an impact on Astra's contribution.

The earnings momentum in the first nine months of the year should ensure that the Group's overall performance for 2008 will be satisfactory.

Jardine Matheson is a diversified business group focused principally on Asia. 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.  

- end -

For further information, please contact:

Jardine Matheson Limited

Neil M McNamara                                                                       (852) 2843 8227

GolinHarris 

Nick Bradbury                                                                             (852) 2501 7910

This and other Group announcements can be accessed through the Internet at 'www.jardines.com'.

 

END

 

 

IMSGUGGGGUPRUBW