Margin pressures drive earnings lower at Dairy Farm
Dairy Farm International, which owns supermarket chains like Cold Storage, Giant and Wellcome, said its half year net profit fell by 6 per cent to US$229 million (S$290 million).
This was despite a 7 per cent increase in sales to US$5.1 billion for the six months to June 30.
Dairy Farm said the group delivered solid like-for-like sales growth in most major businesses.
Hong Kong, in particular, performed well but difficult markets in Malaysia and Singapore led to increased costs and reduced margins.