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Jardine Matheson 1H19 underlying profit down 3% to US$738m

JARDINE Matheson Holdings' (JMH) underlying profit attributable to shareholders for the six months ended June 30 fell 3 per cent year-on-year to US$738 million, reflecting the loss of earnings from Jardine Lloyd Thompson (JLT) after the group divested its stake in April this year.

However, profit surged 152 per cent to US$2.25 billion as the sale of the stake in JLT to Marsh & McLennan reaped a net gain of about US$1.5 billion.

Revenue was down 5 per cent to US$20.17 billion, while gross revenue - which includes 100 per cent of associates and joint ventures - was up 13 per cent at US$50.27 billion. Meanwhile, underlying earnings per share worked out to US$1.96, down from US$2.02 previously.

JMH has declared an interim dividend of 44 US cents per share, versus 42 US cents from the corresponding period a year ago.

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Meanwhile, Jardine Strategic Holdings (JSH), which also released its results on Friday, saw a 1 per cent dip in underlying profit attributable to shareholders to US$779 million. Profit was 75 per cent higher at US$1.66 billion, lifted by a non-trading net gain from the sale of its interest in JLT.

Revenue declined 6 per cent to US$16 billion, while gross revenue - including 100 per cent of JMH, associates and joint ventures - rose 13 per cent to US$50.27 billion.

JSH has declared an interim dividend of 10.5 US cents per share, versus 10 US cents a year ago.

In a separate filing, JSH announced that Lincoln Kwok Kuen Leong has been appointed a non-executive director. He is currently a director at Mandarin Oriental International, while past directorships include Hong Kong Aircraft Engineering Company and MTR Corporation.

Shares in JMH closed down 73 US cents at US$60.85 on Friday, while JSH shed 36 US cents to US$34.64.