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SHIPPING & MARINE | Staff Reporter, Hong Kong

Jardine Matheson records higher net profit in Q3

The result is welcome, but still lower than the same period in 2019.

Without releasing any numbers, multinational conglomerate company Jardine Matheson Holdings has reported a decrease in Q3 net profit, compared to the same time last year.

Though lower than last year, Q3 net profit has been steadily increasing from Q2, with several businesses under the company doing comparatively well for the third quarter.

Jardine Pacific saw an overall increase in earnings in the third quarter compared with the second quarter, with improved contributions from JEC, HACTL and Jardine Restaurant Group’s Pizza Hut businesses in Hong Kong and Taiwan.

Gammon’s order book remained healthy, boosted by securing the HKIA Terminal 2 Expansion Works project in August.

Jardine Motors saw an improve performance with their companies Zung Fu China and Zhongsheng both benefited from a strong recovery in luxury new car sales after the lifting of shut down orders

Aviation Services continued to be significantly impacted by the challenges facing the aviation sector, with low flight volumes. Jardine Matheson called the situation ‘loss-making’.

The group also reported that Hongkong Land, a business held by Jardine Strategic, is also reeling from the impact left by the pandemic particularly in relation to retail rent in the investment properties business Sentiment in Hongkong Land’s main markets generally recovered to pre-pandemic levels.

The group said that it expects profits to remain weak due to the impact of COVID-19 for the remainder of the year.

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