RNS Number : 4919G
Jardine Matheson Hldgs Ld
12 May 2011
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 May 2011 - Jardine Matheson Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 11th May 2011 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
Most of the Group's businesses enjoyed a good start to the year with earnings ahead of 2010. Jardine Pacific's underlying operations continued to perform well with the group's results benefiting from the increased shareholding in Hong Kong Air Cargo Terminals and contributions from recent acquisitions. Despite improved sales, Jardine Motors experienced lower profitability as margins weakened. Jardine Lloyd Thompson began the year encouragingly, with some significant new business wins and costs satisfactorily under control.
Hongkong Land's commercial property interests are benefiting from positive rental reversions and its residential developments are progressing well, although their contribution will be substantially lower in the current year. Dairy Farm is trading well ahead of 2010 and currency movements are again having a positive effect on its results. Mandarin Oriental achieved increases in both occupancy and room rates and has received fees attributable to its branded residences in London, but its Tokyo hotel has been experiencing materially lower occupancy since mid-March. Jardine Cycle & Carriage saw lower income from its directly held motor interests. Astra reported a strong performance in the first quarter with particularly good profit growth in its automotive, heavy equipment and agribusiness activities, but supply disruption following the tsunami in Japan may impact performance in the second quarter.
The Jardine Matheson Group has maintained its strong trading cash flows and there has been a modest fall in the level of net debt since the year end.
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
Nick Bradbury (852) 2501 7910
This and other Group announcements can be accessed through the internet at www.jardines.com.
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