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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Reports ‘weaker results’ in the first half of 2024, with underlying profit falling 33% and the group swinging to loss at the bottom line. Jardine cites impairments by Hongkong Land against property developments in mainland China, as well as difficult markets in Indonesia and Vietnam. Excluding the Hongkong Land impairments, group underlying profit is down 14%, or 9% at constant currency. Jardine reports a loss attributable to shareholders of $40 million in the six months that ended June 30, swung from a $566 million profit a year before, while underlying attributable profit is $550 million, down from $823 million. Pretax profit is $843 million, down from $1.96 billion. Revenue is $17.28 billion, down 5.1% from $18.21 billion. The company’s net asset value per share slips by 3.4% to $96.93 from $100.31. Jardine declares an unchanged interim dividend of $0.60 per share. ‘The group has a strong balance sheet and, under leadership strengthened by new CEOs in four of its portfolio companies, will focus on delivering sustainable long-term value and growth from its growing markets in Asia,’ says Executive Chair Ben Keswick. Current stock price in Singapore: $34.56, closed down 1.8% on Friday 12-month change: down 28% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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