In its interim statement for 3QFY2024, Jardine Matheson Holdings J36 says the performance of its portfolio in the quarter was ahead of the same period last year, following stronger performances across all businesses,
JMH’s Astra reported higher net income, with increased earnings from its financial services, heavy equipment and mining, infrastructure and logistics divisions.
Meanwhile, Hongkong Land’s underlying profit in the period was higher than the third quarter of 2023, on the back of a higher number of build-to-sell property completions on the Chinese mainland. That said, the results of the group’s Investment properties business were slightly below the same period last year, driven by a weaker contribution from the LANDMARK retail portfolio in Hong Kong, while the CENTRAL office portfolio outperformed the overall market.
DFI Retail Group reported y-o-y underlying net profit growth, with improved profit performance by subsidiaries, which offset lower contributions from associates.
Jardine Carriage and Cycle (Jardine C&C) saw an improvement in performance from non-Astra interests in the third quarter, compared to the prior year, while Mandarin Oriental’s underlying profit in the third quarter fell slightly compared with the same period last year, due to lower branding fees.
As announced in 1HFY2024, the group expects its full year underlying profits to be “modestly down” as compared to last year. This comes on the back of the group’s share of expected non-cash impairment charges in Hongkong Land’s build-to-sell business on the Chinese mainland in 1HFY2024, alongside headwinds including lower new car sales margins at Zhongsheng and commodity prices at Astra.
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Despite this, the gorup says it remains “confident in the economic resilience of the group’s markets” and is “well positioned to benefit from their recovery”.
Shares in Jardine Matheson closed 49 US cent higher, or up 1.21%, at US$41.04 on Nov 14.
