Among the first quarter highlights for Bermuda-incorporated Jardine Matheson Holdings Ltd were the hotel division’s European property developments.

Mandarin Oriental reported higher revenue per available room and hotel management fee income, in a filing with the Bermuda Stock Exchange.

The group said it opened Mandarin Oriental Lutetia, Paris, and took over management of The Conservatorium Hotel in Amsterdam. The company said the move was in line with its strategy of elevating the desirability of the brand, doubling the group’s portfolio in key global cities and leisure destinations, innovating the guest experience to make every moment exceptional and generating value for stakeholders.

Jardine Matheson declared a stronger overall Q1 group performance compared to the same period last year, “despite global trade tensions which have created uncertainty in the macroeconomic environment”.

Jardine’s interim management statement outlined the performance of its various divisions and said guidance for the present year is unchanged. Stable results are expected, excluding the impact of Hongkong Land’s impairments in 2024.

The report breakdown included: “Astra reported lower net income, principally due to subdued economic conditions and lower coal prices. The heavy equipment, mining, construction and energy division saw declines in coal mining and services, partly offset by gains in gold mining and heavy equipment sales.

“The automotive and mobility division reported lower net income as sales volumes fell in a weaker car market, partly offset by a solid motorcycle performance, while the financial services, agribusiness and infrastructure divisions all delivered higher results than last year.

“Hongkong Land is progressing its strategy to develop ultra-premium integrated commercial assets in Asia. It also announced the sale of office and retail space in One Exchange Square to the Hong Kong Stock Exchange for $810 million, recycling capital and reinforcing Central’s interconnected financial ecosystem.

“Underlying net profit was stable, despite a lower contribution from Prime Properties Investments, reflecting negative rental reversions in the central office portfolio in Hong Kong and the temporary impact on retail rental income of the Tomorrow’s Central transformation.

“Higher build-to-sell contributions reflected the timing of sales completions, primarily on the Chinese mainland.

“DFI Retail saw underlying net profit grow by 28 per cent excluding divestments, although reported net earnings were down 18 per cent from the same period last year including Yonghui’s results in 2024.

“The profit contribution from Maxim’s recovered significantly and all subsidiary divisions except convenience reported stronger results. DFI continued to simplify its portfolio, announcing the sale of its Singapore food business for $93 million in March.”

Jardine Cycle & Carriage’s results, excluding Astra, were higher than the first quarter of 2024, primarily reflecting a reduction in corporate costs.

Thaco increased automotive sales volume but also faced a weaker Vietnamese Dong. JC&C increased its stake in Refrigeration Electrical Engineering Corporation to 41.6 per cent in the period.

In other areas, Jardine Pacific reported higher underlying net profit, while Mandarin Oriental reported higher revenue per available room and higher hotel management fee income.