The Singapore-listed, Hong Kong-based conglomerate, which invests in real estate, distributes cars and runs supermarkets and hotels in Asia, said its two main profit drivers were Dairy Farm and Jardine Cycle & Carriage. Their contributions to profit were US$48 million and US$74 million, respectively.

Singapore-based Cycle & Carriage, which distributes Mercedes Benz automobiles in the city state, said its continued growth was again attributable to the strong performance of Indonesian vehicle distribution affiliate Astra, of which it now holds nearly 50 percent.

Reflecting the adoption of new accounting standards, net profit for the six months ended June 30 soared by 49 percent to US$672 million from a restated US$450 million a year ago.

The jump was mainly due to upward revaluations of properties owned by its Hongkong Land unit.

Jardine Matheson's share of an increase in valuation was US$375 million.

Turnover increased to US$4.61 billion from a revised US$4.42 billion a year earlier.

Underlying earnings per share rose 21 percent to 67.21 US cents, enhanced by the positive effect of share repurchases.

Jardine Matheson said it will pay an interim dividend of 9.35 US cents per share, up 10 percent from 8.5 US cents a year ago.

Favorable markets sustained Dairy Farm's earnings growth in the first half, and the strength of its balance sheet enabled it to return US$334 million to shareholders in May by way of a special dividend.

Dairy Farm said it continues to build its established retail operations in Asia organically, as well as seeking acquisition opportunities.

Jardine Strategic Holdings, whose interlocking shareholdings with Jardine Matheson are designed to fend off takeover attempts, produced an underlying profit in the first half of US$245 million, up 29 percent from US$190 million a year ago.

Jardine Strategic plans to acquire a 20 percent stake in Rothschilds Continuation Holdings for US$185 million. The company, which is the corporate parent of NM Rothschild & Sons, is involved in investment and commercial banking, private banking and private equity.raymond.wang@singtaonewscorp.com