Buoyed by the revaluation of its property assets and foreign-exchange hedging contracts last year, Jardine Matheson Holdings expects a better period ahead for its property business, especially with its mainland forays.
'The property division may be quieter this year but we have a strong pipeline of works,' said Percy Weatherall, in his last annual results media briefing as Jardines managing director yesterday.
The British hong, which is engaged in property development, finance, retail and hotel operations, said it had strengthened its ability to invest in Asian property, particularly in high-end residential projects in China.
Excluding one-off items, the firm made underlying profits of US$463 million last year, up 17 per cent from 2004 - representing a 19 per cent jump in earnings per share to US$1.33.
The company said earnings were buoyed by certain mark-to-market foreign exchange hedging contracts, which yielded gains after losses in 2004.
Without this, the group's underlying annual profit growth would have been closer to 10 per cent.
Another major profit driver was the revaluation of the investment properties held by Hongkong Land Holdings, which is 34 per cent held by Jardines.
