Jardine Matheson Holdings Ltd on Monday released two updates from a subsidiary, which reported a softer performance from its portfolio in the first quarter of 2024.

Jardine Matheson is a Bermuda-headquartered conglomerate with a portfolio of companies including DFI Retail Group Holdings Ltd and Hongkong Land Holdings Ltd.

On Monday, Jardine Matheson’s 79%-owned subsidiary Jardine Cycle & Carriage Ltd noted an update from its 50% owned company PT Astra International Tbk.

For the first quarter of 2024, Jakarta-based PT Astra’s net revenue was Rp81.209 trillion, £3.99 billion, down 2.1% from Rp82.980 a year prior.

Net income was Rp7.464 trillion, down 14% from Rp8.719 in the first quarter of 2023.

According to PT Astra President Djony Bunarto Tjondro, the group’s results reflected ‘subdued economic conditions and coal prices that have declined from previous highs’.

Jardine Cycle & Carriage also issued a management update, in which it noted ‘softer trading conditions in its businesses in Indonesia and Vietnam’ for the three months ended March 31.

‘The remainder of the year is expected to face headwinds, as the global geopolitical and economic uncertainties could further weigh on the economic recovery of the group’s markets’, JC&C added.

Shares in Jardine Matheson closed up 0.3% at $37.96 in New York on Friday.

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