Jardine Matheson Holdings LimitedInterim Management Statement
23rd May 2024 - Jardine Matheson Holdings Limited (the 'Company') today publishes its Interim Management Statement for the first quarter of 2024.
The performance of the Group's businesses in the first quarter was in line with the same period last year, with strong growth from DFI Retail Group ('DFI') and stable performances from Hongkong Land and Mandarin Oriental, partially offset by lower contributions from Astra, Jardine Pacific and JC&C.
Based on current market conditions, the Group's full year underlying profits are expected to be modestly down against 2023. This primarily reflects 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. We remain, however, confident in the economic resilience of the Group's markets and believe we are well-positioned to benefit from their recovery.
The performance of the Group's businesses in the first quarter was in line with the same period last year, with strong growth from DFI Retail Group ('DFI') and stable performances from Hongkong Land and Mandarin Oriental, partially offset by lower contributions from Astra, Jardine Pacific and JC&C.
Based on current market conditions, the Group's full year underlying profits are expected to be modestly down against 2023. This primarily reflects 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. We remain, however, confident in the economic resilience of the Group's markets and believe we are well-positioned to benefit from their recovery.
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