Last checked at 9 May 2012 12:31
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
Interim Management Statement
9th May 2012 - Dairy Farm International Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 8th May 2012, in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
Dairy Farm's major businesses performed well during the period under review, which included the important Chinese New Year sales period. Its Hong Kong operations maintained a strong performance overall, while steady progress was made in mainland China. In Taiwan, the supermarkets continued to improve, and IKEA achieved further profit growth. Restaurant associate, Maxim's, also produced a good result. While Dairy Farm's businesses in Malaysia faced increased competition, steady performances were seen in Singapore and its operations in Indonesia recorded higher profits.
In March 2012, the Group completed the acquisition of a 70% equity interest in a company that operates six supermarkets under the Lucky brand in Cambodia. The Group also recently acquired a 50% equity interest in Rustan Supercenters, Inc. in the Philippines, which operates ten hypermarkets and 22 supermarkets. In addition, the Group has been awarded the franchise right to operate IKEA stores in Indonesia, and the first store is expected to open in 2014.
The Group is trading ahead of the same period last year. The Group's financial position remains strong although net cash is lower than reported at the end of 2011 after the acquisitions in Cambodia and the Philippines during the period.
Dairy Farm is a leading pan-Asian retailer. The Group and its associates operate over 5,400 outlets - including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants - employing over 85,000 people in the region, and had total annual sales in 2011 exceeding US$10 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.
- end -
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'.