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HONG KONG - Jardine Matheson Holdings (OTC:JMHLY) Limited, a diversified Asia-focused investment company, has released its Interim Management Statement for the first quarter of 2025, indicating a resilient overall Group performance compared to the same period last year. The company, with a primary listing on the London Stock Exchange (LON:LSEG), announced this amidst ongoing global trade tensions and macroeconomic uncertainties.
The Heavy Equipment, Mining, Construction, and Energy division of Astra, a part of the Group, experienced a decline in coal mining and services, which was partially offset by improved gold mining and heavy equipment sales. Conversely, the Automotive & Mobility division saw a decrease in net income as car sales volumes dropped, although motorcycle sales remained strong. The Financial Services, Agribusiness, and Infrastructure divisions reported higher results than the previous year.
Hongkong Land, another Group entity, is continuing its strategy to develop high-end integrated commercial properties in Asia. It recently sold office and retail space in One Exchange Square to the Hong Kong Stock Exchange for $810 million, a move that supports Central’s financial ecosystem. Despite lower contributions from Prime Properties Investments and temporary impacts on retail rental income, underlying net profit remained stable.
DFI Retail Group’s underlying net profit grew by 28% when excluding divestments, although reported net earnings fell by 18% from the previous year when including results from Yonghui. The profit contribution from Maxim’s saw a significant recovery, and all subsidiary divisions, except convenience, reported stronger results. In March, DFI divested its Singapore Food business for $93 million.
Jardine Cycle & Carriage (JC&C) excluding Astra’s results, posted higher earnings primarily due to reduced corporate costs. THACO, part of JC&C, saw increased automotive sales volume but was impacted by a weaker Vietnamese Dong. JC&C also increased its stake in Refrigeration Electrical Engineering Corporation to 41.6% during the quarter.
Jardine Pacific’s underlying net profit increased, led by stronger contributions from Jardine Schindler, JEC, and Jardine Restaurants, despite weaker performances from some subsidiaries. Mandarin Oriental enjoyed higher Revenue per Available Room (RevPAR) and hotel management fee income, reflecting its strategic expansion with new management undertakings in Paris and Amsterdam.
The company’s guidance for the current year remains unchanged, anticipating stable results excluding the impact of Hongkong Land’s impairments in 2024.
Additionally, the company announced the appointment of Tim Wise (LON:WISEa) as an Independent (LON:IOG) Non-executive Director and member of the Audit Committee, effective today.
This report is based on a press release statement issued by Jardine Matheson Holdings Limited.
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