Jardine maps a road to younger Asia for its peers

Jardine Cycle & Carriage

20/09/2019 02:39

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Katrina Hamlin
    HONG KONG, Sept 20 (Reuters Breakingviews) - The $41-bln
conglomerate turned to the southeast when it moved out of Hong
Kong ahead of 1997. It thrived, betting on cars in Indonesia and
milk in Vietnam. Those economies have cooled of late but
long-term prospects, plus uncertainty up north, will encourage
more to follow.
    Full view will be published shortly.
    On Twitter https://twitter.com/KatrinaHamlin
    
    CONTEXT NEWS
    - Jardine Matheson reported on Aug. 2 that its first-half
underlying profit fell 3% from a year earlier, to $738 million.
The company noted a slowdown in the Indonesian auto market had
an impact on the earnings. 
    - Affiliate Jardine Cycle & Carriage reported underlying
profit dipped 1% to $407 million over the same period. 
    - Astra International, Indonesia's largest automobile
distributor, on July 18 launched a joint venture with Go-Jek to
provide cars to the ride-hailing firm. The move follows an
investment in Go-Jek worth $250 million overall. Astra is 50.1%
owned by Jardine Cycle & Carriage. 
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 (Editing by Clara Ferreira Marques and Sharon Lam)
 ((katrina.hamlin@thomsonreuters.com; Reuters Messaging:
katrina.hamlin.thomsonreuters.com@reuters.net))