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.
Underlying earnings per share decreased by 33% y-o-y to US$1.91.
Revenue was down 5% to US$17.28 billion, compared to US$18.2 billion in the same period last year.
JMH has announced an interim dividend of 60 US cents per share, unchanged from the prior year.
In its outlook, executive chairman Ben Keswick says the company continues to expect its full-year results to be “modestly below” those of 2023.
“The group has a strong balance sheet and under leadership strengthened by new CEOs in four of its portfolio companies, will focus on delivering sustainable long-term value and growth from its growing markets in Asia,” he adds.
Shares in JMH closed 1 cent lower on Aug 1 at US$35.19.
