11th Nov 2021 16:17
Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Reports "encouraging improvement in performance" in many of its businesses in the third quarter of 2021, but says they continue to "face challenges" caused by Covid-19. "Conditions are expected to remain uncertain across the group's markets for the remainder of the year," Jardine says. Among individual businesses, Jardine Pacific makes a lower contribution in the third quarter compared to a year ago, as the removal of government support hurt profit. Jardine Schindler, a maker of elevators, escalators and moving walks, reports lower profit in the recent quarter as competition compressed margins. Faring better are Jardine Motors and Jardine Cycle & Carriage.
Among property interests, Hongkong Land's office portfolio in the city's Central district "continued to perform relatively well due to its high quality and unique positioning, despite rising office vacancies across the city," Jardine says. However, Hongkong Land's Development Properties business on the Chinese mainland weakened "amidst tightened credit conditions for the property sector".
Current stock price in Singapore: USD60.00
Year-to-date change: up 7.1%
By Tom Waite; [email protected]
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