You are here
Jardine Matheson Holdings' H1 2018 net profit down on lower non-trading gains
JARDINE Matheson Holdings' (JMH) net profit for the first six months ended June 30 slumped 57 per cent year-on-year to US$928 million on the back of lower non-trading gains.
Non-trading gains in the first half totalled US$136 million, versus US$1.43 billion a year ago.
However, underlying net profit - which distinguishes between ongoing business performance and non-trading items - was up 6 per cent at US$792 million, said the group, which released its financial results on Friday.
Revenue rose 14 per cent to US$21.33 billion, while gross revenue - which includes contributions from associates, joint ventures, and Jardine Strategic Holdings (JSH) - rose 19 per cent to US$44.35 billion.
Earnings per share were lower at 2.47 US cents, from 5.79 US cents previously.
It declared an interim dividend of 42 US cents, up from 40 cents previously.
Chairman Henry Keswick said: “After a good performance in the first half of 2018 driven primarily by Astra and JardineCycle & Carriage, we are optimistic for a stronger second half of the year, with these companies continuing to perform well and the contributions of other businesses expected to improve.”
Meanwhile, JSH - which also released its results on Friday - reported that net profit for the six months ended June 30 declined 58 per cent year on year to US$984 million, again owing to lower non-trading gains.
Non-trading gains in the first half totalled US$156 million, versus US$1.58 billion in the first half of 2017.
However, underlying net profit was up 9 per cent to US$828 million.
Revenue for the group shot up 13 per cent to US$16.94 billion, while gross revenue jumped 19 per cent to US$44.35 billion. Earnings per share clocked 1.72 US cents down from 4.03 US cents previously.
JSH has proposed an interim dividend of 10 US cents per share, up from 9.5 US cents previously.
Shares in JMH closed at US$66.19 on Friday, down 11 US cents, while shares in JSH were 70 US cents lower at US$38.80.