“The group, however, remains confident in the economic resilience of its markets and is well-positioned to benefit from their recovery,” reads the statement put out by the group on May 18.

Jardine Cycle & Carriage saw growth in the 1QFY2023 mainly due to higher contribution from Astra.

Astra reported a 25% y-o-y increase in its underlying earnings excluding fair value gains from its equity investments, with improvements across most divisions. The company’s automotive division saw improvements with higher car and motorcycle sales which led to higher lending volumes in its financial services division. Meanwhile, the heavy equipment and mining division continued to benefit from high coal prices, resulting in higher volumes in its mining contracting and mining businesses and an increase in heavy equipment sales. The agribusiness division, however, was adversely impacted by lower crude palm oil prices and sales volumes.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

Jardine Pacific saw an improved performance in the 1QFY2023 although Jardine Restaurants were impacted by the softer sales in Hong Kong and the absence of government support received last year.

Beyond Astra, JC&C’s Direct Motor Interests also delivered improved performance, but THACO and Siam City Cement saw lower profits primarily as a result of challenging market conditions in Vietnam.

Shares in Jardine Matheson closed 23 US cents lower or 0.46% down at US$49.60 on May 18.

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