7th Nov 2019 14:41
(Alliance News) - Jardine Matheson Holdings Ltd said on Thursday its third quarter earnings were in line with the same period the year before and announced the retirement of Simon Keswick from the board.
The Asia-based business group said it performed "steadily" for the third quarter of 2019, with overall earnings in line with the comparable period the prior year. The group said its balance sheet as at September 30 "remained strong, with gearing little changed from the half year".
However, the company said weaker consumer sentiment began significantly to affect most of its consumer businesses in Hong Kong as a result of the ongoing social unrest.
The company said of the group's businesses held directly by Jardine Matheson, Jardine Pacific delivered results in line with the year before.
Meanwhile within the businesses held by Jardine Strategic, Hongkong Land saw positive rent reversions and occupancy levels remained high in its office portfolios in Hong Kong and Singapore, the company noted.
Dairy Farm saw stronger results from its Food business. While Southeast Asia Health and Beauty sales improved, overall Health and Beauty performance is being significantly impacted by difficult market conditions in Hong Kong.
Jardine Matheson also announced the retirement of Director Simon Keswick with effect from January 1.
Keswick, who first joined the group in 1962, has held a number of senior roles, including chairman and managing director of the group from 1983 to 1987, and as a director of Dairy Farm International Ltd, Hongkong Land Holdings Ltd, Mandarin Oriental International Ltd and Jardine Strategic Holdings Ltd
Keswick will step down from the boards of these companies at the same time.
Executive Chairman and Managing Director Ben Keswick said: "Simon has been central to Jardine Matheson for over half a century and, working closely with his brother Henry Keswick, has played a key role in the development of the group over that period."
"During his time as chairman and managing director he was instrumental in shaping the group's structure as we know it today and he also led the refocussing of a number of the group's activities, including Jardine Pacific and Dairy Farm," Keswick said.
Jardine Matheson shares were up 1.3% in London at 58.42 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Jardine Math.sr