Jardine Matheson Holdings reports 1HFY2023 earnings of US$566 mil, 34% up y-o-y

The non-trading loss was due to net fair value loss of US$482 million upon the revaluation of investment properties during the period, which was offset by the increase of US$54 million in the fair value of the group’s other investments.

Earnings per share (EPS) stood at US$1.95 for the period.

“The group delivered a strong overall performance in the first half of 2023, as the business continued its post-pandemic recovery, with overall results exceeding pre-Covid levels seen in 2019. Astra continued to deliver [a] very good performance and DFI and Mandarin Oriental saw strong recoveries,” says chairman Ben Keswick.

“We are encouraged by the results from most of our businesses in the first half and are optimistic that earnings growth will continue in the remainder of the year,” he adds.

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Gross revenue including the group’s 100%-owned associates and joint ventures (JVs) fell by 2% y-o-y to US$54.78 billion.

In the six-month period, DFI and Mandarin Oriental’s results improved “significantly” on a y-o-y basis while Hongkong Land’s results stood flat.

Profit contribution from the group’s interest in Zhongsheng was also significantly lower on a y-o-y basis on the back of lacklustre consumer demand.

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In the 1HFY2023, the group saw strong performance from its Southeast Asian businesses, which led to 58% of earnings from the region contributing to its overall portfolio. The group’s businesses in China, which includes Hong Kong, contributed around 37% to its overall results.

An interim dividend of 60 US cents per share was declared, 9% higher y-o-y. This will be paid out to shareholders on Oct 11.

Cash and cash equivalents as at June 30 stood at US$5.53 billion.

Shares in JMH closed 47 US cents higher or 0.96% up at US$49.65 on July 28.