Jardine Matheson projects modest profit decline in 2024

The company cited market conditions for the profit decline.

Jardine Matheson Holdings Limited expects its full-year underlying profits in 2024 to be "modestly" lower than in 2023 amidst current market conditions.

The company also expects noncash impairment charges in Hongkong Land’s development properties business on the Chinese mainland in 1H24 and lower commodity prices at Astra.

Hongkong Land also announced that it expects significantly lower underlying earnings in 1Q24 amidst deteriorating buyer sentiment in China's residential sector.

Astra also reported a 5% YoY drop in its underlying earnings in 1Q24.

Despite the declines, Jardine Matheson remains confident in the economic resilience of its markets.

"[We] believe we are well-positioned to benefit from their recovery," the company said.

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