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LONDON (Alliance News) - Jardine Matheson Holdings Ltd Thursday said that underlying earnings in the first 17 weeks of its new financial year were in line with the same period last year.
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.
The company said Thursday that it continued to face "mixed trading conditions", but said it has maintained a robust balance sheet, despite an increase in net debt following the investment by Jardine Strategic of USD731 million in a minority interest in the Chinese-listed motor dealership group, Zhongsheng.
It said Jardine Pacific saw a modest overall decline in earnings with improved performances in some of its operations offset by softer results in its air cargo terminal and construction businesses. Trading at Jardine Motors was boosted by stronger performances in Hong Kong, southern China and the UK.
It said Jardine Lloyd Thompson's results benefited from the recent acquisition of reinsurance broking business Towers Watson, although it said it was partly offset by a weak insurance rating environment.
Within the businesses held through Jardine Strategic, its said Hongkong Land saw generally steady occupancy and positive rental reversions, while its residential developments had performed satisfactorily.
It said trading results at its Dairy Farm business were little changed from last year as increased earnings from its health and beauty, home furnishings and restaurants divisions were offset by a lower contribution from its food division in Southeast Asia.
It said trading at Mandarin Oriental remained stable, and it plans to open new hotels in Taiwan and Turkey over the next six months.
Jardine Matheson shares were untraded at USD59.65 cents Thursday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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