Jardine Matheson has reported earnings of US$423 million, reversing from a loss of US$117 million for 1HFY2022 year-earlier period.
The company’s underlying profit, which it says is a better reflection of its operating performance, is up 22% y-o-y instead to US$747 million.
Revenue in the same period was up 7% y-o-y to US$56 billion, with general improvement seen across various subsidiaries in the different markets, especially southeast Asia.
However, it warns that China, which includes Hong Kong, where it is based, continues to be impacted by pandemic-related restrictions.
While some units such as Jardine Cycle & Carriage did well, others, such as DFI Retail Group is still under stress.
The company plans to pay an interim dividend of 55 US cents per share, up 25% over this time last year.
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Ben Keswick, the conglomerate’s chairman, notes that there was a strong improvement in the group’s earnings in the first half over 1HFY2021.
“The group expects, however, that earnings growth will substantially moderate for the full year, as Covid-19 continues to impact the group’s businesses, particularly in Hong Kong and on the Chinese
Mainland,” he adds.
Jardine Matheson closed July 28 at US$53.51, up 1.56% for the day, but down 3.85% year to date.
