23rd May 2025 12:25
(Alliance News) - Jardine Matheson Holdings Ltd on Friday proclaimed a "stronger" quarterly performance despite an uncertain environment, although Astra's profit declined.
The Asia-focused investor, which has interests in retail, property, hotels and motor dealerships, said its guidance for 2025 "is unchanged: stable results are expected, excluding the impact of Hongkong Land's impairments in 2024".
Hong Kong-based Jardine said that in the first quarter, it delivered a "stronger overall group performance compared to the same period last year".
This was "despite global trade tensions which have created uncertainty in the macroeconomic environment," Jardine added.
It said Jardine Cycle & Carriage delivered higher results compared to the previous year, "primarily reflecting a reduction in corporate costs".
Jardine Pacific "reported higher underlying net profit, with stronger contributions from Jardine Schindler, JEC and Jardine Restaurants, partly offset by weaker performances from Gammon, Hactl, and Zung Fu".
The company said that Indonesia-focused group Astra, in which it has a 50.1% interest, "reported lower net income, principally due to subdued economic conditions and lower coal prices". In particular, Astra's Heavy Equipment, Mining, Construction, & Energy division reported "declines in coal mining & services" while profit decreased for Automotive & Mobility "as sales volumes fell in a weaker car market".
Jardine also reported that property investor, manager and developer Hongkong Land "is progressing its strategy to develop ultra-premium integrated commercial assets in Asia" and delivered "stable" underlying net profit. Meanwhile, DFI Retail's underlying net profit rose 28% excluding divestments, and Mandarin Oriental "reported higher revenue per available room [RevPAR] and hotel management fee income".
Jardine Matheson shares were untraded on Friday in London, having last publicly sold for USD58.38 on May 7.
By Emma Curzon, Alliance News reporter
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