HONG KONG-based conglomerate Jardine Matheson Holdings : J36 0% said its performance for the third quarter of its 2023 financial year would be “marginally” better than the same period last year.

Strong growth from subsidiaries Astra, DFI Retail Group : D01 0% and Mandarin Oriental would partially offset lower contributions from Jardine Pacific and Hongkong Land : H78 0%, said the company in a bourse filing on the Singapore Exchange on Thursday (Nov 9).

Overall, it expects underlying profits for the second half of the year to be broadly in line with the second half of 2022.

“Although challenges remain from the global economic environment and softening commodity prices, the group remains confident in the economic resilience of its markets and is well-positioned to benefit from their recovery,” said the filing.

Also in a bourse filing on the same day, Straits Times Index constituent DFI Retail Group reported that its underlying profits grew by over 80 per cent in the third quarter, compared to the same period last year. This was mainly driven by the health, beauty and convenience divisions of the group, which continued to report strong growth in its underlying profits before interests and taxes. This helped to offset weakness in the grocery retail segment, as well as Swedish furniture giant Ikea.

Jardine Cycle & Carriage : C07 0% saw a 14 per cent rise in underlying profits in the third quarter compared to the same period last year, principally due to higher contributions from subsidiaries Astra International – an Indonesian conglomerate – as well as automotive business Direct Motor Interests.

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However, its other subsidiaries Thaco Group – an automobile manufacturer in Vietnam – and cement manufacturer Siam City Cement delivered lower profits.

Among those that did not perform well, Hongkong Land reported that its underlying profits in the third quarter came in lower than for the same period in 2022.

This was because of lower contributions from development properties due to fewer planned sales completions and weakness in China’s property market.

“Market sentiment for residential properties on the Chinese mainland remains weak and, overall, planned sales completions for 2023 are expected to be lower than in the prior year,” said the filing.

Contributions from investment properties were broadly in line with the same period last year, with higher contributions from the company’s luxury retail portfolio and Singapore office, which largely offset lower contributions from the Hong Kong office portfolio. 

Nonetheless, Hongkong Land’s full-year underlying profits are expected to come in moderately below that of the prior year. 

Shares of Jardine Matheson declined 2.1 per cent or US$0.85 to close at US$40.32 on Thursday.

DFI Retail Group shares fell 1.7 per cent or US$0.04 to US$2.35, shares of Jardine Cycle & Carriage slipped 0.1 per cent or S$0.02 to S$29.37, while Hongkong Land shares rose 1.8 per cent or US$0.06 to end at US$3.32.