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Dow Jones Newswires: Jardine Matheson saw positive Q1 recovery on-year

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By Kyle Morris

Jardine Matheson Holdings Ltd. said Thursday that it saw a positive recovery in performance in the first quarter, with Astra, Hongkong Land, Jardine Cycle & Carriage and the Motors business all posting profit increases.

The Asian conglomerate said that the outlook remains uncertain owing to Covid-19 restrictions in China. Good recovery opportunities are seen in Southeast Asia though, it said.

Several Jardine Pacific businesses were hit by the resurgence of the pandemic in Hong Kong in the period, though this was offset by operational improvements driving better underlying performance in several businesses.

The U.K. Motors business performed well amid strong margins on new and used cars, but new car volumes remain low due to supply constraints.

Write to Kyle Morris at kyle.morris@dowjones.com

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