Management reveals Jardine Pacific is sinking, Jardine Strategic staying afloat

See how the rest fared.

Jardine Matheson Holdings Limited has issued its Interim Management Statement covering the period from 1st January to 15th May 2013, in which it revealed that the Group’s businesses faced mixed trading conditions, although underlying earnings marginally improved from last year. The company said it has maintained a robust balance sheet with net debt little changed during the period.

Of the businesses directly held by Jardine Matheson, Jardine Pacific saw an overall decline in earnings with weaker performances in most of its businesses.

In Jardine Motors, higher earnings in Hong Kong and the United Kingdom led to an improved result despite continued difficult conditions in Southern China. Jardine Lloyd Thompson continued to progress and invest for growth.

Within the businesses held through Jardine Strategic, Hongkong Land’s commercial properties saw generally positive rental reversions and its residential developments performed satisfactorily against a background of government measures to dampen the markets. Dairy Farm’s results were marginally lower than last year, with another good performance in Hong Kong offset by challenging conditions in Malaysia. Mandarin Oriental’s trading remained strong, and it opened new hotels in Guangzhou and Shanghai. Astra’s contribution fell back due to higher labour costs, increased competition and softness in commodity prices, combined with a lower exchange rate.