Interim Management Statement

RNS Number : 8620R

Jardine Matheson Hldgs Ld

07 May 2009

 



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

7th May 2009 - Jardine Matheson Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 6th May 2009 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 effects of the global economic downturn, which began to be felt in the latter part of 2008, continued to have an impact on the Group's operations. Jardine Pacific's engineering and construction businesses did well to maintain strong order books, but reduced activity elsewhere has impaired its overall performance. Jardine Motors' markets in the United Kingdom remained poor and its businesses in Hong Kong and mainland China also experienced declines. Jardine Lloyd Thompson achieved a satisfactory start to the year.

Hongkong Land saw further falls in commercial and residential property values during the period, but positive rental reversions and the recognition of profits on residential properties already sold should benefit its results in 2009. Dairy Farm traded well in its major markets and continued to generate strong cash flows, although those businesses more exposed to discretionary spending saw some softening in demand. Occupancy levels in Mandarin Oriental's hotels were significantly below those achieved in the same period last year, due particularly to reduced activity in the corporate sector, and certain of its new hotel projects are experiencing delays as developers seek to secure financing. A softening in consumer sentiment and falling commodity prices also had an impact on Astra's performance, while weakness in the rupiah reduced further its contribution to Group earnings. 

Overall, the trading environment is expected to remain difficult in the short term, and the results for the first half of 2009 will reflect the lower earnings in a number of the Group's businesses. Jardine Matheson is, however, well financed and the longer-term outlook remains encouraging.

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.  Incorporated in Bermuda, Jardine Matheson Holdings Limited has its primary share listing in London, 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

GolinHarris 
Nick Bradbury                                                                                         (852) 2501 7910

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

 

END

 

 

IMSUUUPGAUPBGGM