Written by Bloomberg
Friday, 30 July 2010 18:17
Jardine Matheson Holdings, which owns car distributors, real estate, supermarkets and hotels in Asia, said first-half profit more than quadrupled on a higher contribution from its property unit.
Net income rose to US$1.05 billion ($1.43 billion), or US$2.94 a share, in the six months ended June 30, from US$252 million, or US$0.71 a share, a year earlier, the Hong Kong-based company said in a statement to London’s stock exchange today.
Jardine, which has most of its businesses in Greater China and Southeast Asia, is benefiting from economic stimulus programmes by governments in the region. Hongkong Land Holdings, one of Hong Kong’s biggest business-district landlords and a unit of Jardine, yesterday said profit rose 70% from a year earlier.
“While the group’s overall performance in the second half is unlikely to exceed that of 2009, a satisfactory result is expected for the full year,” Jardine Chairman Henry Keswick said in the statement. “The commercial property markets of Hong Kong and Singapore are expected to remain stable as the year progresses.”
Dairy Farm International Holdings, Hong Kong’s second-biggest retailer that’s also a Jardine unit, yesterday said profit rose 17% in the first half to US$182 million.
Jardine fell 1% to close at US$39.60 in Singapore trading today, before the earnings were released. The stock has gained 31% this year.
Jardine’s underlying profit, excluding revaluation of investment properties, sale of assets and other exceptional items, rose 70% to US$664 million, or US$1.85 a share, from US$392 million, or US$1.10 a share, it said.
Jardine will pay an interim dividend of 30 US cents, compared with 25 US cents a year earlier.
