Jardine Matheson Hldgs Ltd Interim Management Statement (6303S)
November 07 2019 - 4:27AM
UK Regulatory
TIDMJAR TIDMJDS
RNS Number : 6303S
Jardine Matheson Hldgs Ltd
07 November 2019
7th November 2019
For immediate release
Jardine Matheson Holdings Limited
Interim Management Statement
Jardine Matheson Holdings Limited today publishes its Interim
Management Statement for the third quarter of 2019.
The Group performed steadily during the period, with overall
earnings in line with the comparable period in 2018, although
weaker consumer sentiment began significantly to affect most of its
consumer businesses in Hong Kong as a result of the ongoing social
unrest. The Group's balance sheet at 30th September 2019 remained
strong, with gearing little changed from the half year.
Of the Group's businesses held directly by Jardine Matheson,
Jardine Pacific delivered results in line with the comparable
period in 2018. JEC continued to trade well and Transport Services
saw improved earnings. Jardine Schindler produced a steady
contribution. Jardine Motors saw its earnings increase overall,
primarily due to higher contributions from Zung Fu in mainland
China and the investment in Zhongsheng. Softer performance,
however, was recorded at Zung Fu in Hong Kong and the dealerships
in the United Kingdom, both of which are being impacted by weaker
market sentiment.
Within the businesses held by Jardine Strategic, Hongkong Land
saw positive rent reversions and occupancy levels remained high in
its office portfolios in Hong Kong and Singapore. The group's
Central retail portfolio effectively remained fully occupied.
Hongkong Land's property development activities in mainland
China saw higher contracted sales in the third quarter compared to
the same period last year, due to a greater number of sales
launches and changes in product mix. Market sentiment remained
stable. There were satisfactory levels of pre-sales at the group's
projects in Singapore and the rest of Southeast Asia.
Dairy Farm saw stronger results from its Food business, with an
improvement in its Southeast Asia Supermarkets and Hypermarkets
business due to the implementation of its store optimisation plan,
partially offset by a weaker performance in North Asia as a result
of rental and labour cost pressures. Convenience Stores continued
to perform well. Home Furnishings saw strong growth in Taiwan and
Indonesia, which offset a lower performance in Hong Kong caused by
weak consumer sentiment.
While Southeast Asia Health and Beauty sales improved, overall
Health and Beauty performance is being significantly impacted by
difficult market conditions in Hong Kong as a result of the ongoing
social unrest which has also adversely affected Maxim's
performance.
Yonghui reported strong underlying growth in profitability and
Dairy Farm continued to benefit from its interest in Robinson's
Retail.
As anticipated, the closure of The Excelsior, Hong Kong at the
end of March 2019 and the major renovation in Bangkok resulted in
substantially lower results for the quarter in Mandarin Oriental
compared with the same period in 2018, despite strong results from
the newly renovated London hotel. Earnings from the group's
flagship hotel in Hong Kong were lower due to difficult market
conditions.
Jardine Cycle & Carriage delivered lower results in the
third quarter, compared with the same period last year, due to
lower contributions from Astra in Indonesia - which saw weaker
performances from its heavy equipment, mining, construction and
energy, automotive businesses and agribusiness, partially offset by
higher earnings from its financial services business - and the
group's Direct Motor Interests, particularly Truong Hai Auto
Corporation in Vietnam.
Jardine Matheson is a diversified Asian-based business group
with unsurpassed experience in the region. Its interests include
Jardine Pacific, Jardine Motors, Hongkong Land, Dairy Farm,
Mandarin Oriental, Jardine Cycle & Carriage and Astra. These
companies are active in the fields of motor vehicles and related
operations, property investment and development, food retailing,
health and beauty, home furnishings, engineering and construction,
transport services, restaurants, luxury hotels, 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, 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
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
David Ashton (852) 3512 5063
This and other Group announcements can be accessed through the
internet at www.jardines.com.
This information is provided by RNS, the news service of the
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END
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