Jardine Matheson Swung to a Net Profit in 1st Half; Warns of Slower Growth

By Sabela Ojea

Jardine Matheson Holdings Ltd. reported on Thursday a swing to net profit for the first half of 2022, but said that earnings growth will substantially moderate for the full year.

The Asian conglomerate posted a net profit of $423 million compared with a loss of $117 million for the same period a year earlier.

Revenue increased to $18.28 billion from $17.49 billion for the same period a year earlier.

The board has declared an interim dividend of 55 cents a share, up from 44 cents a year earlier, it said, adding that the payout to shareholders raise reflects strong earnings per share growth.

"There was a strong improvement in the group's profitability in the first half, however, earnings growth will substantially moderate for the full year, as Covid-19 continues to impact the Group's businesses, particularly in Hong Kong and on the Chinese mainland," Executive Chairman Ben Keswick said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 28, 2022 09:10 ET (13:10 GMT)

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