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SCMP Reporter

JARDINE International Motor Holdings saw profit attributable to shareholders rise 6.42 per cent in the first half of 1994 to US$38.1 million.

  Analysts said the result, which was fully reflected in earnings per share, was robust, given the kick-in from the sales launch of the S-class Mercedes in the first half of 1993 was not repeated.

   European operations had a significant rise in contribution and revenue activity on the back of the French car firm Cica.

  Earnings per share rose 6.4 per cent to 7.98 cents.

   A dividend of 1.2 cents was declared, flat on last year.

  Results were also affected by a higher net interest expense charge and a fall in revenues linked to China, after a new-vehicle tax regime came into effect on April 1.

  Chairman Simon Keswick, in a statement, said: 'The strength of the Hong Kong market and continued recovery in most of the group's other operations will help offset the effects of higher tariffs in China. And results for the full year are expected to be satisfactory.'   Joint managing director Anthony Nightingale said the company's listing status would not be changed.

  Other Jardine group companies, Hongkong Land, Dairy Farm International and Mandarin Oriental are to decide on their listings today.

   Expectations are they will decide to quit their Hong Kong listings.

  The group sold and delivered 25,000 new and used cars in the period, with turnover rising 55.1 per cent to $717.5 million, on the back of the Cica acquisition at the end of 1993.

  The acquisition accounted for the rise in net interest expenses, from $100,000 to $1.4 million, said Mr Nightingale.

   Recent rises in interest rates in Hong Kong and in the West had not had a significant impact on the charge, he said.

  Operating costs were up 58.45 per cent to $675 million.

  Actual operating profit, before associated company results, rose 16.76 per cent to $42.5 million.

  Profit before interest was up 10.84 per cent to $47 million.

  Of this, the contribution from Asia dipped slightly, reflecting the tough conditions in China, from $37.3 million to $36.4 million.

   Asia still made up 77.45 per cent of profit before interest.

      Reflecting the French acquisition, Europe saw a rise in contribution, to $8.9 million from $3.1 million, rising from seven per cent of profit to 18.9 per cent.



Jardine Motor profit accelerates by 6.42pc