Interim Management Statement

RNS Number : 4004C

Jardine Matheson Hldgs Ld

12 November 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

12th November 2009 - Jardine Matheson Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 11th November 2009 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.

While the global economic downturn continues to influence a number of the Group's markets, its effects on individual businesses have varied. Improvements have been seen recently in a number of Jardine Pacific's businesses, in particular in its engineering and construction activities. Jardine Motors in the United Kingdom managed a difficult market well, while its Hong Kong and mainland China businesses have seen increased demand following new product launches. Jardine Lloyd Thompson is producing a satisfactory performance in the face of soft insurance rates.

Hongkong Land's commercial property interests are performing well as the Hong Kong market shows signs of stabilizing, and its results will include the recognition of profits on the completion of residential developments. Dairy Farm's major retail businesses continued to show growth, with challenges in certain sectors. Further store expansion was achieved, and the group continues to enjoy low levels of net debt. In the face of weakness in both the corporate and leisure segments, occupancy levels and average room rates remained poor at Mandarin Oriental's hotels. Astra's performance reflects the strength of the Indonesian economy with good automotive sales and improved results from a number of its other businesses.

With net debt remaining low and the Group's overall trading conditions becoming more positive, Jardine Matheson's financial position is strong. The Group's earnings have continued to improve and for the period under review are ahead of 2008.

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.

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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'.

 

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