9th May 2019 14:28
LONDON (Alliance News) - Asian-based business group Jardine Matheson Holdings Ltd on Thursday said it performed "steadily" in the first quarter, with earnings "slightly ahead" of the previous year.
Of the group's businesses held directly by Jardine Matheson, Jardine Pacific experienced a slower start to the year, which is expected to continue for the rest of the first half.
Jardine Restaurants, however, delivered good profit growth. Meanwhile, Jardine Motors saw its earnings increase benefiting from investments in mainland China and Hong Kong.
However, within the businesses held by Jardine Strategic, Hongkong Land saw positive rent reversions and occupancy levels, while Dairy Farm's results were in line with the comparable period in 2018.
"There was a strong performance from the Health and Beauty business as well as from key associates Maxim's, Yonghui and Robinsons Retail, which offset the continuing softness in the Food business. IKEA continued to perform in line with expectations, although its contribution to the group was impacted by higher pre-opening costs than in the first quarter of 2018," the firm added.
Jardine Matheson Holdings shares were trading down 1.2% at USD64.38.