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(Alliance News) - Jardine Matheson Holdings Ltd on Thursday said it expects its second half profits to be "broadly in line" with last year's results as it saw quarterly growth across all of its businesses.
The Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships said in the third quarter of the year, performance across its businesses was "marginally above" the same quarter last year.
Astra reported a 12% increase in underlying earnings in the third quarter, driven by growth in its automotive division. Profit from Astra's heavy equipment and mining division was flat, mainly due to lower coal selling prices, despite improved performances from its heavy equipment and mining contracting operations, Jardine Matheson added. Meanwhile, the agribusiness division was "adversely impacted by lower crude palm oil prices."
As for Hongkong Land, unerlying profit in the third quarter was lower year-on-year, but DFI's profit jumped 80%, Jardine Matheson said.
As a result, the holding company said it expects its underlying profit for the second half of the year to be "broadly in line" with the second half of 2022. Looking ahead, it said that "although challenges remain from the global economic environment and softening commodity prices, the group remains confident in the economic resilience of its markets and is well-positioned to benefit from their recovery."
On Thursday Jardine Matheson also noted its 78% owned subsidiary, Jardine Cycle & Carriage Ltd's quarterly results.
JC&C said it "performed well" in the first nine months of 2023, driven by higher contributions from Astra and Direct Motor Interests.
It added that growth is expected to "moderate" in the remainder of the year due to "ongoing economic challenges, geopolitical uncertainties and reduced coal prices", but affirmed that it expects its full-year results to be "satisfactory."
Shares in Jardine Matheson were flat at USD58.38 in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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