Jardine Matheson posts 1Q22 recovery

The Jardine House building in Central in Hong Kong, part of Hongkong Land's investment portfolio. Photo by Red John on UnsplashThe Jardine House building in Central in Hong Kong, part of Hongkong Land's investment portfolio. Photo by Red John on Unsplash

Jardine Matheson Holdings reported Thursday a positive recovery in its businesses in the first quarter, citing profit increases at Astra, Hongkong Land, Jardine Cycle & Carriage and the Motors business.

However, Jardine Pacific posted an on-year decline, while the performances of DFI Retail and Mandarin Oriental were “broadly flat,” the company said in a filing to SGX. Those businesses were impacted by Covid-19’s resurgence in North Asia, the filing said.

Jardine Restaurants was “severely impacted” by pandemic-related restrictions in Hong Kong, the filing said.

The U.K. motors business performed well due to strong margins on both new and used cars, the filing said.

Hongkong Land also posted a first quarter improvement in underlying profit on-year, mainly on completing more development properties on the Chinese mainland.

“Overall, the group’s outlook continues to be uncertain, reflecting both the challenges it faces – including Covid-19 restrictions in China – and the good recovery opportunities for many of our businesses in Southeast Asia,” Jardine Matheson said.

Jardine Matheson is a holding company operating mainly in China and Southeast Asia, with businesses including motor vehicles, property investment and development, luxury hotels, food retailing, heavy equipment and agribusiness.