Jardine Strategic First-Half Pretax Profits Little Changed

LONDON--Jardine Strategic Holdings Ltd. (J37.SG), a holding company with investments in the Jardine Matheson group, Friday posted a little-changed pretax profit for the first half of 2014 as growth was constrained by a weaker rupiah exchange rate, fewer residential project completions and margin pressure in some of its businesses.

Pretax profit in the six months to June 30 came to $2.32 billion, compared with $2.31 billion in the year-earlier period, as revenue declined 2$ to $30.8 billion. Underlying net profit declined 5% to $775 million.

The company said its full-year financial performance is expected to be in line with last year's.

"Mixed performances from across the group led to a decline in underlying earnings ... in the first half of the year," the company said in a statement.

It added: "Strong profits from Astra [Astra International, an auto group] in rupiah terms were more than offset by a weaker exchange rate. Fewer residential project completions resulted in a lower contribution from Hongkong Land despite higher commercial property earnings. Satisfactory growth was seen in Jardine Matheson, while the results from Dairy Farm were in line with last year."

The company increased the dividend to eight cents from seven and a half cents.

Write to Ed Ballard at [e-mail]

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