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(Hong Kong)
JARDINE Matheson Holdings Ltd, which owns car distributors, real estate, supermarkets and hotels in Asia, said that first-half profit dropped 76 per cent on a decline in the value of its investment properties. Net income fell to US$249 million, or US$0.70 a share, in the six months ended June 30, from US$1 billion, or US$2.89 a year earlier, the Hong Kong-based company said in a statement to London's stock exchange yesterday.
Values of office buildings and malls in Hong Kong have dropped as the city battles its worst recession in a decade. Swire Pacific Ltd, the biggest commercial landlord in the eastern part of Hong Kong island, said on Thursday that it had a net HK$53 million (S$9.8 million) revaluation loss in the first half, reversing a HK$8.09 billion gain a year earlier.
'The outlook for a number of markets remains uncertain,' Jardine chairman Henry Keswick said in the statement. -- Bloomberg
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