Jardine Strategic Hldgs Ltd Interim Management Statement (2133E)
May 04 2017 - 7:38AM
UK Regulatory
TIDMJDS TIDMJAR
RNS Number : 2133E
Jardine Strategic Hldgs Ltd
04 May 2017
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 Strategic Holdings Limited
Interim Management Statement
4th May 2017 - Jardine Strategic Holdings Limited has today
issued an Interim Management Statement for the first quarter of
2017.
Improved trading conditions in a number of the Group's principal
markets led to good earnings growth during the three months under
review, compared with the same period in 2016. Better performances
were seen in Astra, Hongkong Land, Jardine Pacific, Jardine Motors
and Dairy Farm. The Group's balance sheet at 31st March 2017
remained strong with little change in gearing since the prior year
end.
Of the Group's businesses held through Jardine Matheson, Jardine
Pacific's results benefited from improvements in its engineering
and construction activities and its transport businesses. In
Jardine Motors, the trading momentum continued to be positive in
mainland China, although Hong Kong remained soft. Jardine Lloyd
Thompson made a good start to the year in challenging markets, with
momentum being maintained in its Risk and Insurance activities,
while in Employee Benefits its international businesses produced
revenue growth and further improvement was seen in its restructured
UK operations.
Within the businesses held directly by the Company, rental
reversions in Hongkong Land's office portfolio in Hong Kong
remained positive with occupancy levels little changed, and in
residential trading activities, its mainland China developments
benefited from sound market sentiment while conditions in Singapore
were satisfactory. Dairy Farm faced tough operating conditions
resulting in sales for the period being slightly lower, however,
improved margins in certain businesses and an increased
contribution from associates led to a modest rise in underlying
profit. The results across Mandarin Oriental's portfolio were
largely stable, but its earnings declined primarily due to the
partial closure of its London hotel for renovation.
Jardine Cycle & Carriage's earnings rose with an increased
contribution from Astra, but profits from its Direct Motor
Interests were lower. Astra started the year well with good profit
growth following improved performances from most of its divisions.
Its automotive businesses captured strong market shares for both
cars and motorcycles, while earnings in its financial services
operations recovered with a return to profit for Permata Bank.
Higher commodity prices also led to better trading in Astra's heavy
equipment and agribusiness divisions.
In April, the Company redeemed US$400 million of convertible
bonds issued by Zhongsheng and agreed to subscribe some US$172
million for new Zhongsheng shares, subject to the required
shareholder approval, which will increase its interest from 16% to
20%.
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 57%, Hongkong Land
50%, Dairy Farm 78%, Mandarin Oriental 77% and Jardine Cycle &
Carriage 75%, which in turn has a 50% interest in Astra. It also
has a minority interest in Zhongsheng. 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
Neil M McNamara (852) 2843 8227
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 company news service from the London Stock Exchange
END
MSCFZLFBDEFXBBQ
(END) Dow Jones Newswires
May 04, 2017 07:38 ET (11:38 GMT)
Jardine Strategic Holdin... (LSE:JDSB)
Historical Stock Chart
From May 2024 to Jun 2024
Jardine Strategic Holdin... (LSE:JDSB)
Historical Stock Chart
From Jun 2023 to Jun 2024