Jardine Matheson reports $623m net loss for FY2024

This was due to lower contributions from Zhongsheng and Hongkong Land.

Jardine Matheson reported a net loss of $623m (US$468m) in FY2024 from a net profit of $914m (US$686m) in the previous year.

Underlying net profit also fell 11% year-on-year (YoY) to $1.95b (US$1.47b) from $2.21b (US$1.66b) in FY2023.

Loss per share stood at $0.021 (US$0.0161), whilst underlying earnings per share stood at $0.068 (US$0.0507).

The decrease was due to lower contribution from Zhongsheng and a reduced profit from Hongkong Land as a result of the non-cash impairments from its build-to-sell segment on the Chinese mainland.

Meanwhile, revenue for the period decreased slightly by 1% YoY to $47.5m (US$35.7m) from $47.9m (US$36.0m) in FY2023.

In a bourse filing, the group reported slightly lower contributions from JC&C and JP, stable results from Mandarin Oriental, and stronger performances by DFI and Astra.

In addition, Jardine Matheson reported net non-trading losses of $2.57b (US$1.93b), mainly from $1.59b (US$1.2b) in fair value losses,  impairment of goodwill and the interests in associates totalling $756m (US$568m), and $334m (US$251m) in other non-trading items, partly offset by $118m (US$89m) in property sale gains and investment revaluations.

The board is recommending a final dividend of $2.20 (US$1.65) per share, which produces an unchanged full-year dividend of $3.00 (US$2.25) per share.