Last checked at 15 May 2013 12:31
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
Interim Management Statement
15th May 2013 - Dairy Farm International Holdings Limited has today issued its Interim Management Statement covering the period from 1st January to 14th May 2013.
Mixed performances from the Group's operations during the period under review led to earnings being marginally lower than last year. 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, with strong results from the Food businesses and further improvement in Health and Beauty. The 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.
Among the new developments, a joint venture has been established to operate mini-marts in Malaysia, with the first store expected to open in June this year. Shop N Save stores in Singapore were rebranded as Giant from April this year with encouraging early results. In Vietnam, Maxim's recently-opened first Starbucks outlet has been well received. Meanwhile, PT Hero has announced a rights issue of up to Rp3.47 trillion (US$358 million) to support its expansion plans and repay debt in Indonesia.
Dairy Farm has maintained a strong balance sheet and had a net cash position at the end of April.
Dairy Farm is a leading pan-Asian retailer. The Group including its associates and joint ventures operate over 5,600 outlets - comprising supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants - employing over 90,000 people in the region, and had total annual sales in 2012 exceeding US$11 billion. Dairy Farm International Holdings Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:
Dairy Farm Management Services Limited
Alec Tong (852) 2299 1896
GolinHarris
Kennes Young (852) 2501 7987
This and other Group announcements can be accessed through the Internet at 'www.dairyfarmgroup.com'.