Interim Management Statement

RNS Number : 3296S

Jardine Matheson Hldgs Ltd

06 November 2013

 



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

6th November 2013 - Jardine Matheson Holdings Limited has today issued its Interim Management Statement covering the period from 1st July to 5th November 2013.

The trading environment continued to be mixed for the Group's businesses and underlying earnings remain broadly in line with last year.  The balance sheet remains strong, with net debt at 31st October 2013 somewhat lower than that reported at the half year.

Of the businesses directly held by Jardine Matheson, Jardine Pacific experienced lower profitability in a number of its key businesses leading to an overall decline in profit.  Jardine Motors saw improved earnings from reduced operating losses in Southern China and enhanced performances in Hong Kong and the United Kingdom.  Despite challenging markets, Jardine Lloyd Thompson continued to make progress as it benefited from organic growth and acquisitions.

Within the businesses held through Jardine Strategic, Hongkong Land's commercial property interests continued to perform well and further sales and completions were recorded in the residential sector.  Dairy Farm achieved increased sales in most of its major businesses, but cost pressures and margin investment in certain businesses led to earnings being slightly lower.  Mandarin Oriental's trading momentum remained positive, and two new management contracts were announced in mainland China.  Astra achieved strong increases in automotive sales volumes, although earnings were affected by increased competition in the car market, higher employee costs and lower commodity prices, while the weaker rupiah reduced further the contribution on consolidation.

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.  Jardine Matheson Holdings Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange, 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
Kennes Young                                                                                       (852) 2501 7987

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

 

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