Jardine Matheson and Jardine Strategic report 1Q19 earnings ‘slightly ahead’ on-year

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Jardine Matheson and Jardine Strategic both reported Thursday that they “performed steadily” in the first quarter, with overall earnings slightly ahead of the year-ago period.

Among businesses directly held by Jardine Matheson, Jardine Pacific had a slower start to the year, with a lower contribution from its engineering and construction divisions due to the timing of projects, the two holding companies said in filings to SGX.

“This is expected to continue for the rest of the first half,” the interim management statements said.

Jardine Restaurants posted “good profit growth,” while Jardine Motors saw overall earnings increase on a strong contribution from its Zhongsheng investment, partly offset by lower profitability in Zung Fu, on the mainland, and in Hong Kong, the filings said.

Among businesses directly held by Jardine Strategic, Hongkong Land saw positive rental reversions and occupancy levels in its Hong Kong and Singapore office portfolios, the filings said. But its China property development segment posted a slower rate of completions and contracted sales on-year for the quarter, it added.

It added that Dairy Farm’s results were in line with the year-ago quarter, with four of its five formats continuing to perform well.

Mandarin Oriental’s results were higher on-year for the quarter as the London hotel benefited from insurance coverage for loss of profit while guestrooms were closed for repair, the statement said.

Jardine Cycle & Carriage reported its first quarter profit fell on-year, as Astra’s increased local-currency earnings were offset by a lower contribution from its non-Astra interests, the filings said.

Holding company Jardine Strategic is 85 percent-owned by Jardine Matheson, while Jardine Strategic owns 58 percent of Jardine Matheson.

In addition, Jardine Strategic owns 50 percent of Hongkong Land, 78 percent of Dairy Farm, 78 percent of Mandarin Oriental and 75 percent of Jardine Cycle & Carriage, which in turn owns 50 percent of Astra, the filing said.


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