Jardine Matheson Holdings Ltd.'s financial performance was little changed year over year in the first quarter, despite several of its businesses, including Jardine Lloyd Thompson Group PLC, reporting good performance. JLT is expected to continue organic revenue growth in its global specialty business.
Jardine Motors "continued to trade well" in mainland China and improved in Hong Kong and Macau, but the performance was weaker in the U.K., the group said in a release.
Jardine Cycle & Carriage reported higher results in the first quarter, while Astra saw declines in a number of its business segments, including automotive, agribusiness and financial services, which more than offset improvements from its heavy equipment, mining, construction and energy businesses.
Hongkong Land's office portfolio in Hong Kong saw positive rent reversions and high occupancy levels, while its property development activities in mainland China and Singapore continued to benefit from sound market sentiment. In addition, Dairy Farm's results improved.
The industrial conglomerate said its Jardine Pacific business experienced a "slower" start to the year. The lower profitability of the segment was partly offset by a contribution from its June 2017 investment in paper packaging products provider Greatview Aseptic Packaging Co. Ltd.
Meanwhile, the majority of hotels in Mandarin Oriental's portfolio traded better, particularly in Hong Kong, Singapore, Bangkok and Tokyo, but overall earnings were held back by the renovations of its London and Madrid properties.