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(Alliance News) - Jardine Matheson Holdings Ltd on Thursday said its overall performance continued to improve in the third quarter to September 30, in particular in Southeast Asia, but notably not in China due to lockdowns and restrictions.
Jardine is a Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships.
The firm said that automotive group Astra led the growth in Southeast Asia. On Wednesday Jardine reported that its 76% owned subsidiary Jardine Cycle said that Astra, in which it has a 50% interest, reported a 49% increase in underlying earnings over the 9-month period. The same day, it also noted that Jardine Cycle & Carriage had performed well over the past nine months, reflecting improvements across all parts of the portfolio.
On Thursday, the company cautioned: "Although the group saw strong profit growth in the first half of the year, its full year results will be affected by fewer planned sales completions and reduced construction activity in Hongkong Land's Development Properties business on the Chinese mainland, as well as moderating growth in Southeast Asia, as a result of strong commodity prices in the second half of 2021."
Further, its UK Motors business was impacted by ongoing supply chain constraints for new car supplies.
More positively, Jardine's Convenience business improved in Hong Kong, Macau and Singapore as Covid-related restrictions were lifted. In South China, sales and profit continued on a subdued level due to ongoing restrictions.
Further, Home Furnishing and DFI's Health & Beauty business saw sales momentum, helped by eased government-imposed restrictions. On top of that, "the return of normal travel conditions in most of the world in early 2022 saw Mandarin Oriental record net underlying profits in the second quarter, and this progress continued in the third quarter," the firm added.
Jardine Matheson shares were down 0.5% at USD47.89 on Thursday afternoon in London.
By Tom Budszus; tombudszus@alliancenews.com
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