Jardine Matheson profit remains virtually the same at $1.48b

Just a tiny 1% decline from 2011.

In its preliminary results review, Jardine Matheson said its revenue for 2012, including 100% of revenue from associates and joint ventures, was US$60.5 billion, compared with US$57.3 billion in 2011.

Here's the complete performance review from Jardine Matheson:

Jardine Matheson achieved an underlying profit before tax for the year of US$4,762 million, little changed from the previous year. Underlying profit attributable to shareholders was little changed with a 1% decline at US$1,479 million, while underlying earnings per share were 2% lower at US$4.06. The profit attributable to shareholders for the year was US$1,688 million, with the main nontrading item being a modest increase in the value of HongkongLand’s investment property portfolio, and compares with US$3,449 million in 2011 which benefited from a more significant increase in valuations. Shareholders’ funds were 9% higher at US$17.8 billion.

The Group’s consistent and growing profit generation, cash flows and retained earnings of recent years have enabled it to combine high levels of capital expenditure with low levels of debt. Net debt excluding financial services companies at the year end was US$3.4 billion, or 8% of consolidated total equity. 

In light of the Group’s strong liquidity, the Board is recommending a final dividend of US¢100 per share, which represents an overall increase of 8% for the full year.

“Jardine Matheson’s profit in 2012 was little changed from the previous year, held back by Indonesia’s currency weakness, difficult motor trading in China and a one-off charge in Dairy Farm. Most of the Group’s businesses continue to trade well, however, despite the relatively subdued economic environment. With its strong finances and its diverse development programmes, the Group looks forward to another satisfactory year in 2013," said Jardine Matheson chairman, Sir Henry Keswick.