12 Nov 2009 09:16
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 Statement12th November 2009 - Jardine Strategic Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 11th November 2009 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.While the global economic downturn continues to influence a number of the Group's markets, its effects on individual businesses have varied. Within Jardine Matheson's directly held interests, improvements have been seen recently in a number of Jardine Pacific's businesses, in particular in its engineering and construction activities. Jardine Motors in the United Kingdom managed a difficult market well, while its Hong Kong and mainland China businesses have seen increased demand following new product launches. Jardine Lloyd Thompson is producing a satisfactory performance in the face of soft insurance rates.Hongkong Land's commercial property interests are performing well as the Hong Kong market shows signs of stabilizing, and its results will include the recognition of profits on the completion of residential developments. Dairy Farm's major retail businesses continued to show growth, with challenges in certain sectors. Further store expansion was achieved, and the group continues to enjoy low levels of net debt. In the face of weakness in both the corporate and leisure segments, occupancy levels and average room rates remained poor at Mandarin Oriental's hotels. Astra's performance reflects the strength of the Indonesian economy with good automotive sales and improved results from a number of its other businesses.With net debt remaining low and the Group's overall trading conditions becoming more positive, Jardine Strategic's financial position is strong. The Group's earnings have continued to improve and for the period under review are ahead of 2008.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 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.
- end -
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'.