Jardine Matheson achieves sturdy overall performance in Q1
The group's businesses delivered net profit increases, except for Hongkong Land.
SGX-listed Jardine Matheson Holdings Limited achieved a "strong overall performance" in the first quarter despite challenges from the global economic environment and softening commodity prices, the company said in an SGX filing.
In its interim management statement, Astra, DFI Retail Group, Mandarin Oriental, and Jardine Pacific delivered increases in the group's underlying net profit.
The group's central office portfolio reported a 6.3% increase in the first period compared to 4.9% at the end of last year.
Leasing activity improved in recent months, with enquiries rising during the period. But headwinds in global financial markets dampened the climbing office demand for the financial service sector.
However, Hongkong Land's underlying profit was lower in the first quarter than last year due to the reduced contribution from its Development Properties sector's fewer planned sales completions in mainland China.
But with government policy support, the business saw a modest recovery in market sentiment for its residential properties in the country.