Jardine International Motor Holdings (JIMH) profits fell 25 per cent to US$19 million for the first half of the year on the back of costs in exiting franchises in Britain.
Net profit excluding non-recurring costs of restructuring its leases and closing dealerships in Britain fell by only 6 per cent to US$24 million.
'The overall result will, however, be impacted by the substantial non-recurring costs being incurred in exiting problem franchises and resolving property problems in the United Kingdom,' said JIMH executive chairman Anthony Nightingale.
Most of the restructuring in Britain will be completed by the end of this year, but some further costs will be incurred next year.
Few analysts presently cover the company - which is the car dealership arm of Jardine Matheson - as it will soon be privatised by its parent. The offer price will be HK$4.295 per share.
The detailed terms of the offer will soon be posted to shareholders.
