Jardine Matheson Holdings Limited has released its Interim Management Statement for the first quarter of 2024. The company's performance in the first quarter was in line with the same period last year, with strong growth from DFI Retail Group, stable performances from Hongkong Land and Mandarin Oriental, partially offset by lower contributions from Astra, Jardine Pacific, and JC&C.

The Group's full-year underlying profits are expected to be modestly down against 2023, primarily reflecting the Group's share of expected non-cash impairment charges in Hongkong Land's development properties business on the Chinese mainland in the first half of the year, in addition to previously anticipated first-half headwinds, including lower commodity prices at Astra. However, the company remains confident in the economic resilience of the Group's markets and believes it is well-positioned to benefit from their recovery.

DFI's underlying profits in the first quarter of 2024 grew by over 60% compared to the same period in 2023, driven primarily by improved performances in the Food, Convenience and Health and Beauty divisions. In April 2024, DFI announced that it had agreed to divest its Hero Supermarket business in Indonesia.

Mandarin Oriental recorded a small underlying profit in the first quarter, in line with expectations. The group's Management Business generated solid fee income from hotels and the sale of branded residences. In April 2024, the Company completed the sale of Mandarin Oriental, Paris, retaining a long-term management contract. In March 2024, the Company completed a comprehensive review and refresh of its strategy to deliver its objective of being a brand-led, guest-centric, global luxury hospitality business.

Astra reported a 5% decrease in underlying earnings in the first quarter, excluding fair value adjustments from its equity investments, with a 9% decrease in net income for the automotive division, which achieved lower car and motorcycle sales. Hongkong Land's underlying profit in the first quarter was in line with the same period in 2023. Total contributions from Investment Properties were broadly in line with the same period last year, with better performance from the Company's luxury retail portfolio and Singapore office business largely offsetting lower contributions from the Hong Kong office portfolio.

Jardine Pacific reported a lower overall contribution in the first quarter, with losses incurred by Jardine Restaurant Group and Zung Fu Hong Kong and a lower profit contribution from Jardine Schindler, JEC, and Gammon. JC&C experienced softer trading conditions in its businesses in Vietnam, with THACO's automotive sales flat due to challenging market conditions. Siam City Cement delivered higher profits, however, due to lower energy costs.

Jardine Matheson Holdings Limited is a diversified Asian-based business group with interests in motor vehicles, property investment and development, food retailing, health & beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining, and agribusiness. The company is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. Jardine Matheson Limited operates from Hong Kong and provides management services to Group companies.