Jardine Strategic Hldgs Ltd Interim Management Statement (7630G)
November 08 2018 - 4:20AM
UK Regulatory
TIDMJDS TIDMJAR
RNS Number : 7630G
Jardine Strategic Hldgs Ltd
08 November 2018
8th November 2018
For immediate release
Jardine Strategic Holdings Limited
Interim Management Statement
Jardine Strategic Holdings Limited today publishes its Interim
Management Statement for the third quarter of 2018.
Overall, the Group performed steadily during the period, with
year on year earnings growth in line with the half year. The
Group's balance sheet at 30th September 2018 remained strong, with
gearing little changed since the half year.
Of the Group's businesses held through Jardine Matheson, Jardine
Pacific saw reduced income for the period, with Jardine Restaurants
facing challenging trading conditions and Transport Services
recording lower earnings. Jardine Motors saw improved results
overall for the period, due to a higher contribution from its
mainland China businesses, while earnings in Hong Kong remained
steady with stable new car sales. The UK business saw vehicle sales
impacted by supply issues which resulted in lower profits.
The offer for Jardine Lloyd Thompson by Marsh & McLennan
Companies, Inc. announced in September has now been approved by
shareholders. The transaction is expected to close in Spring 2019,
subject to receipt of the relevant competition clearances and
regulatory approvals.
Within the businesses held directly by the Company, Hongkong
Land saw positive rent reversions and high occupancy levels in its
office portfolios in Hong Kong and Singapore. While its property
development activities in mainland China saw lower contracted sales
during the third quarter despite market sentiment remaining stable,
these are expected to increase in the last quarter due to the
timing of sales launches. In Singapore, market demand has moderated
due to additional cooling measures introduced by the government.
Dairy Farm's businesses produced mixed results in the period.
Although there was a strong performance in Health and Beauty and
good results from Home Furnishings and Restaurants, the performance
of the Hong Kong Food business has softened and the Food businesses
across Southeast Asia continue to face significant challenges. The
group is also making substantial investments in technology, supply
chain infrastructure, stores and people in order to improve the
long-term performance of the business. Mandarin Oriental's overall
results for the quarter were higher than the same period in 2017,
despite the absence of earnings from Hotel Ritz, Madrid, which
closed for restoration at the end of February.
Jardine Cycle & Carriage's earnings rose, with revenue
growth in most of Astra's businesses. Astra saw increased
contributions from its heavy equipment, mining, construction and
energy, financial services and automotive segments, which more than
offset a lower contribution from agribusiness. There were also
improvements in its Direct Motor Interests and Other Strategic
Interests.
Jardine Strategic is a holding company which takes long-term
strategic investments in multinational businesses, particularly
those with an Asian focus, and in other high quality companies with
existing or potential links with the Group. Its principal
attributable interests are in Jardine Matheson 58%, Hongkong Land
50%, Dairy Farm 78%, Mandarin Oriental 78% and Jardine Cycle &
Carriage 75%, which in turn has a 50% interest in Astra. It also
has a minority interest in Zhongsheng and Greatview Aseptic
Packaging. Jardine Strategic is 84% held by Jardine Matheson.
Jardine Strategic Holdings Limited is incorporated in Bermuda and
has a standard listing on the London Stock Exchange, with secondary
listings in Bermuda and Singapore. The Company's interests are
managed from Hong Kong by Jardine Matheson Limited.
- end -
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Karin Wong (852) 3512 5077
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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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