Pan-Asian retailer Dairy Farm International Holdings has said it benefited from stable trading conditions in its main markets across the continent in the first half of 2011, leading to double-digit rises in sales and profits.
The company said today (28 July) that sales, including 100% of associates, increased by 16% to US$5bn in the first six months of 2011. Underlying net profit grew by 18% to US$216m. At constant exchange rates, sales and net profit rose 11% and 13%, respectively.
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However, Dairy Farm said the number of stores operated by the group declined during the period, primarily reflecting the exclusion of Starbucks in mainland China.
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In May, Hong Kong foodservice operator Maxim’s, in which Dairy Farm owns 50%, sold its 30% interest in Starbucks’ operations in central, south and western China. Dairy Farm’s share of the net gain from the transaction was US$10.5m. |
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Nevertheless, chairman Simon Keswick said: “Dairy Farm, however, remains in a strong financial position enabling it to consider acquisition opportunities in existing and new markets in Asia while continuing to invest in organic growth.”
Looking ahead to the rest of 2011, he added: “Despite inflationary cost pressures, Dairy Farm’s major businesses are expected to continue to trade well and produce a satisfactory result for the full year.”
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