7 May 2009 12:14
To: Business Editor For immediate releaseThe following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.Jardine Strategic Holdings LimitedInterim Management Statement7th May 2009 - Jardine Strategic Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 6th May 2009 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom. During the period under review the effects of the global economic downturn, which began to be felt in the latter part of 2008, continued to have an impact on the Group's operations. Within Jardine Matheson's directly held interests, Jardine Pacific's engineering and construction businesses did well to maintain strong order books, but reduced activity elsewhere has impaired its overall performance. Jardine Motors' markets in the United Kingdom remained poor and its businesses in Hong Kong and mainland China also experienced declines. Jardine Lloyd Thompson achieved a satisfactory start to the year.Hongkong Land saw further falls in commercial and residential property values during the period, but positive rental reversions and the recognition of profits on residential properties already sold should benefit its results in 2009. Dairy Farm traded well in its major markets and continued to generate strong cash flows, although those businesses more exposed to discretionary spending saw some softening in demand. Occupancy levels in Mandarin Oriental's hotels were significantly below those achieved in the same period last year, due particularly to reduced activity in the corporate sector, and certain of its new hotel projects are experiencing delays as developers seek to secure financing. A softening in consumer sentiment and falling commodity prices also had an impact on Astra's performance, while weakness in the rupiah reduced further its contribution to Group earnings. Overall, the trading environment is expected to remain difficult in the short term, and the results for the first half of 2009 will reflect the lower earnings in a number of the Group's businesses. Jardine Strategic is, however, well financed and the longer-term outlook for the Group remains encouraging.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 53%, Hongkong Land 50%, Dairy Farm 78%, Mandarin Oriental 74% and Jardine Cycle & Carriage 69%, which in turn has a 50% interest in Astra. Jardine Strategic is 81%-held by Jardine Matheson. The Company also has a 21% interest in Rothschilds Continuation. The primary share listing of Jardine Strategic is in London, with secondary listings in Bermuda and Singapore. The Company is incorporated in Bermuda and its interests are managed from Hong Kong by Jardine Matheson Limited.
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For further information, please contact:Jardine Matheson LimitedNeil M McNamara (852) 2843 8227GolinHarris Nick Bradbury (852) 2501 7910This and other Group announcements can be accessed through the Internet at 'www.jardines.com'.