LONDON--Pan-Asian retailer Dairy Farm International Holdings Ltd
(DFI.LN), said Wednesday that mixed performances from the Group's
operations during the period from Jan. 1 to May 14. led to earnings
being marginally lower than last year.
MAIN FACTS:
-This was principally due to weaker margins in the Food and the
Health and Beauty businesses in Malaysia in the face of more
aggressive promotional activity, lower supplier income and
increased cost pressures.
-The Group's activities in Hong Kong continued to perform
well.
-Operations in Singapore have been affected by an economic
slowdown and higher operating costs.
-Good sales growth was achieved in Indonesia in all formats,
although the contribution compared to the corresponding period in
2012 reflected a significant increase in minimum wages and a weaker
exchange rate.
-Further progress was made in the Group's IKEA operations in
Hong Kong and Taiwan where satisfactory earnings growth was
achieved.
-Restaurant associate, Maxim's, maintained its good
performance.
-Maintained a strong balance sheet and had a net cash position
at the end of April.
-Write to Razak Musah Baba at razak.baba@dowjones.com
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