Hong Kong-based conglomerate Jardine Matheson Holdings has reported losses of US$117 million for the 1HFY2021 ended June 30. In the year earlier period, the red ink was US$775 million.
Underlying profit for the period was US$615 million, up 65% from the year earlier period, as it booked a higher share of earnings previously held by Jardine Strategic Holdings – a sister company that was acquired in April.
The company generated revenue of US$17.5 billion, up 10% y-o-y. Total revenue – including all revenue generated by its associates and joint ventures - in the same period, was US$52.5 billion, up 17% y-o-y from US$47.9 billion in 1HFY2020.
It is keeping its interim dividend payout at 44 US cents per share.
Net asset value as at June 30 was US$94.17 per share, up 16% from US$81.32 as at June 30 2020.
Jardine Matheson is the flagship entity that controls long string of other listed entities such as Hongkong Land, Jardine Cycle & Carriage, Dairy Farm International and Mandarin Oriental International.
“There were signs of improvement in the group’s performance and profitability in the first half compared with the same period last year, but Covid-19 continued to have an impact in most sectors and markets, and conditions are expected to remain challenging for the second half of the year,” the company says.
Jardine Matheson notes that the absence of tourists from China will continue to impact the performance of its business in Hong Kong, where it owns retail space and sells beauty and healthcare products and operate restaurants and convenient stores.
Its performance in Indonesia and other parts of Southeast Asia is also expected to be significantly affected by the continuing severe impact of the pandemic and related restrictions, the company warns.
Jardine Matheson shares closed July 29 at US$60.68, up 0.46% for the day and 8.36% year to date.
