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Interim Management Statement

9th Nov 2011 09:15

RNS Number : 7653R
Jardine Strategic Hldgs Ld
09 November 2011
 



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 Statement9th November 2011 - Jardine Strategic Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 8th November 2011 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.Many of the Group's businesses are experiencing satisfactory market conditions, despite the uncertain global economic environment, and overall results are ahead of 2010. Within Jardine Matheson's directly held interests, Jardine Pacific's operations continued to produce some strong performances, although Gammon Construction's result has been affected by two difficult projects. Jardine Motors achieved good sales in Hong Kong, but its earnings are lower due to the poor trading conditions in the United Kingdom and reduced margins in its mainland China operations. Jardine Lloyd Thompson is trading well in difficult markets, and Jardine Matheson is currently increasing its shareholding to just over 40% through a US$266 million partial offer.Hongkong Land's commercial property interests are benefiting from high levels of occupancy and mostly positive rental reversions, and in August 2011 it secured a prime site in Beijing which will be developed as a luxury retail centre. The group's residential developments are also progressing well, but their contribution for the year will be lower than in 2010. Dairy Farm is continuing to trade ahead of the same period last year with growth in sales and earnings, although the rate of growth has slowed. Mandarin Oriental's Tokyo property continued to be impacted by low levels of occupancy, but demand in most of its other markets enabled average room rates to increase further. Jardine Cycle & Carriage saw some improvement in income from its non-Astra motor interests. Astra is delivering strong results with good performances across all its major business segments supported by growth in domestic demand in Indonesia and robust commodity prices.The Group remains in a strong financial position and its cash flow has enabled it to undertake significant capital expenditure with only a modest increase in the level of net debt since 30th June 2011.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 (55%), Hongkong Land (50%), Dairy Farm (78%), Mandarin Oriental (74%) and Jardine Cycle & Carriage (71%), which in turn has a 50% interest in Astra. Jardine Strategic is 82%-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.

 

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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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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