SINGAPORE (July 30): Jardine Matheson reported 1H18 earnings of US$792 million ($1.1 billion), up 6% from its half-year earnings of US$744 million a year ago on higher revenue.
An interim dividend of 42 US cents per share has been declared, 5% higher than the 40 US-cent dividend declared for 1H17.
Revenue for the period was 14% higher y-o-y at US$21.3 billion.
The group attributes the growth in topline to strong performances from Astra and Jardine Cycle & Carriage.
The former saw strong performances from its heavy equipment and mining businesses and an improved contribution from its financial services division. Meanwhile, the latter business saw stronger performances by its Direct Motor Interests and Other Strategic Interests.
Dairy Farm saw a slight increase in profit, while Hongkong Land was slightly down against the prior year profits on lower gains from its development properties due to the timing of sales completions in mainland China.
At Mandarin Oriental, underlying profits were higher due to generally improved performances across the group’s portfolio, notably in Hong Kong, Singapore, Bangkok and Tokyo.
Going forward, Jardine Matheson says it is optimistic for a stronger 2H18, with Astra and Jardine C&C to continue their strong performance, and the contributions of its other businesses expected to improve.
Hongkong Land is making good progress in the securing of new sites for development while keeping in line with performance expectations and project schedules, while Dairy Farm continues to consolidate its trading operations with a series of programmes underway to address strategic priorities, adds the group.
Shares in the group closed 0.2% lower at US$66.19 on Friday.
