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Interim Management Statement

10 Nov 2010 09:18

RNS Number : 9339V
Jardine Strategic Hldgs Ld
10 November 2010
 



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 Statement10th November 2010 - Jardine Strategic Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 9th November 2010 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.

 

The positive trends seen in the first half of the year continued across many of the Group's markets. Within Jardine Matheson's directly held businesses, most of Jardine Pacific's operations performed well with Hong Kong Air Cargo Terminals benefiting from greater throughput and Gammon building a strong order book. Jardine Motors saw good vehicle sales in Hong Kong and mainland China, but conditions in the United Kingdom were more difficult. Jardine Lloyd Thompson produced an encouraging trading performance.

 

Demand remained steady in Hongkong Land's commercial property markets in Hong Kong and Singapore, but the contribution from its residential developments will be lower in the second half of the year due to the timing of completions. Dairy Farm increased sales and profit, and currency movements enhanced its results in US dollar terms. At Mandarin Oriental, a continuation of the occupancy-led recovery of the first six months led to improvements in room rates. The strength of the Indonesian economy helped drive Astra's impressive operating result with sales in its motor car and motorcycle operations achieving significant levels of growth.

 

While the pace and consistency of economic expansion around the world remain hard to predict, the Group benefits from strong trading cash flows and low levels of net debt and earnings for the year to date are well ahead of 2009.

 

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 (54%), Hongkong Land (51%), Dairy Farm (78%), Mandarin Oriental (74%) and Jardine Cycle & Carriage (70%), 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. Jardine Strategic Holdings Limited is incorporated in Bermuda and has a premium 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 LimitedNeil M McNamara (852) 2843 8227GolinHarrisNick Bradbury (852) 2501 7910This and other Group announcements can be accessed through the Internet at 'www.jardines.com'.

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