Second home

20 September 2019 By Katrina Hamlin Follow @KatrinaHamlin

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.

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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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