Jardine Matheson Holdings Limited, the Hong Kong-based Bermuda-domiciled British multinational conglomerate, has reported a strong overall 2023 first-quarter performance, improved from Q1 2022.

A filing with the Bermuda Stock Exchange also said Janine Feng has been appointed an independent non-executive director.

Jardine Matheson Limited operates from Hong Kong and provides management services to group companies, some of which are also domiciled here.

These companies are active in the fields of motor vehicles and related operations, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining and agribusiness.

Astra, DFI Retail Group, Mandarin Oriental and Jardine Pacific all delivered increases in underlying net profit.

However, the sprawling group said 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.

Hongkong Land’s underlying profit in the first quarter was lower than the same period in 2022.

There was a reduced contribution from the development properties business because of fewer planned sales completions on the Chinese mainland.

The contribution from investment properties was broadly unchanged compared with the same period last year, with improved performance from the retail segment, partly offset by a lower contribution from the Hong Kong office portfolio.

In the central office portfolio, physical vacancy increased to 6.3 per cent, compared with 4.9 per cent at the end of 2022. On a committed basis, vacancy was 5.8 per cent.

Rental reversions continued to be negative in the period. Leasing activity improved in recent months, with a meaningful increase in inquiries in the first quarter compared with the last quarter and the same period last year, but headwinds in global financial markets have dampened incremental office demand from the financial services sector.

Hongkong Land’s development properties business saw a modest recovery in market sentiment for residential properties on the Chinese mainland, underpinned by government policy support.

The group’s attributable interest in contracted sales was $408 million in the first quarter, compared with $213 million in the equivalent period in 2022, mainly due to more planned sales launches.

Sales activity continued to recover during April and overall planned sales completions for 2023 are expected to be higher than the prior year.

Jardine Pacific saw improved performance from most of its businesses in the period, compared with the first quarter of last year.

Jardine Restaurants, however, was impacted by softer sales in Hong Kong and the absence of government support received last year. The disposal of the shareholding in Greatview, announced in January, remains on track, subject to regulatory approvals.

DFI saw significantly improved year-on-year performance in the first quarter. This principally reflected increased profitability of its associates, in particular a much-improved performance by Maxim’s.

The group’s subsidiaries also saw improved overall performance, with strong recovery in the health and beauty and convenience divisions more than offsetting lower results in the grocery retail division as consumer buying patterns normalised compared with the first quarter of 2022 and digital investments continued.

Mandarin Oriental recorded an underlying profit in the first quarter of 2023, driven by improved performance from its owned hotels and management business. Asia in particular benefited from the removal of travel restrictions.

The group’s owned hotels performed robustly, particularly in Hong Kong, Tokyo and Bangkok, with strong rates.

The first quarter saw the announcement of a new management contract for a luxury beach resort in Mallorca, Spain, scheduled to open by the end of 2024; the rebranding of the Emirates Palace hotel in Abu Dhabi as Emirates Palace Mandarin Oriental, Abu Dhabi; and the closure in March of Mandarin Oriental, Singapore, for a substantial renovation.

Jardine Cycle & Carriage reported growth in the first quarter of 2023, compared with the same period last year, principally due to a higher contribution from Astra.

Astra reported a 25 per cent increase in underlying earnings, excluding fair-value gains from its equity investments, with improvements across most divisions.

Astra’s automotive division recorded higher car and motorcycle sales, leading to higher lending volumes in its financial services division.

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.

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.