Highlights:
No relief in sight from Asian downtown
Negative impact on results and asset values
Inherent financial strength enables Group to grow core businesses
Results:
Six months ended 30th June (unaudited)
US$m
Turnover
1998 $5,701
1987 $5,739
Change -1%
Profit after taxation, outside interests
1998 $103
1997 $280
Change -63%
Net profit excluding non-recurring items
1998 $101
1997 $150
Change -33%
Earnings US¢
Earnings per share
1998 17.59¢
1997 48.37¢
Change -64%
Earnings per share excluding non-recurring items
1998 17.13¢
1997 25.95¢
Change -34%
Dividends per share
1998 7.80¢
1997 7.80¢
Change -%
"The severity of the current economic downturn across Asia presents a challenging environment for all our businesses, and the second half of 1998 is not expected to show any improvement. While the Group's results will continue to feel this impact for the foreseeable future, our prudent financing pollicies and strong underlying businesses enable us to face the current recession in Asia with confidence."
Henry Keswick, Chairman
17th September, 1998