Jardine Matheson's H1 profit more than doubles to US$2.08b

JARDINE Matheson Holdings' net profit for the six months ended June 30 more than doubled to US$2.08 billion from US$984 million amid a surge in fair value change of investment properties.

Its underlying profit for the first half of 2017 rose 20 per cent from a year ago to US$765 million. Revenue was 8 per cent higher at US$19.4 billion.

"Following a first half with good trading performances across the group, the level of profit growth in the second half is likely to be tempered due to fewer residential completions expected in Hongkong Land and price competition in a number of the group's automotive markets," said group chairman Henry Keswick.

The Board has declared an increased interim dividend of 40 US cents per share, up from 38 cents in the year-ago period.

Incorporated in Bermuda with standard listing on the London Stock Exchange, Jardine Matheson Holdings directly owns Jardine Pacific and Jardine Motors as well as 42 per cent stake in Jardine Lloyd Thompson. It indirectly owns stakes in Hongkong Land, Dairy Farm, Mandarin Oriental, and Jardine Cycle & Carriage, through its group holding company Jardine Strategic. Jardine Cycle & Carriage, in turn, owns a 50 per cent stake in Astra.