JMH’s underlying profit before the impairments at Hongkong Land was down 14% y-o-y. This reflected headwinds from lower commodity prices at Astra and lower new car margins on the Chinese mainland; as well as marginally lower underlying profits in most other businesses amid challenging conditions, partially offset by significantly improved performance at DFI Retail.
Hong Kong-based conglomerate Jardine Matheson Holdings (SGX:J36
) (JMH) has reported underlying net profit of US$550 million ($736 million) for 1HFY2024, down 33% y-o-y.
This significant drop principally reflected a weaker contribution from Hongkong Land, mainly due to non-recurring impairments taken against certain development projects on Mainland China.
