13 Nov 2008 09:14
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 Strategic Holdings Limited
Interim Management Statement
13th November 2008 - Jardine Strategic Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 12th November 2008 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 deterioration in the global economic environment began to affect a number of the Group's businesses, although others have yet to feel the impact. Within Jardine Matheson's directly held interests, Jardine Pacific's operations performed steadily, but Jardine Motors is facing a significantly weaker market in the United Kingdom. Jardine Lloyd Thompson's earnings will benefit from the continuing improvement in its underlying businesses and from effective cost controls.
Hongkong Land is seeing reduced activity in the commercial property markets of Hong Kong and Singapore following a strong first half, and its residential development operations are facing harsher conditions. Dairy Farm's major businesses, however, are still performing well and expansion is continuing. Mandarin Oriental's hotels are experiencing lower occupancy, and certain of its development projects are expected to be delayed. After an exceptionally good first nine months of the year in Indonesia, falling commodity prices, the reaction of consumers to the general economic slowdown and a weakening Rupiah will have an impact on Astra's contribution.
The earnings momentum in the first nine months of the year should ensure that the Group's overall performance for 2008 will be satisfactory.
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 (49%), Dairy Farm (78%), Mandarin Oriental (73%) and Jardine Cycle & Carriage (68%), which in turn has a 50% interest in Astra. The Company also has a minority investment in Rothschilds Continuation, the merchant banking house. Jardine Strategic is a member of the Jardine Matheson Group.
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For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
GolinHarris
Nick Bradbury (852) 2501 7910
This and other Group announcements can be accessed through the Internet at 'www.jardines.com'.