Singapore-listed food and drug retailer Dairy Farm International Holdings has posted 2002 net profit of US$343m, a massive increase from $30m the previous year due in part to the sale of its New Zealand supermarket business.

Dairy Farm, which sold its Woolworths New Zealand chain for $285m last year, said its sales rose 7% to $3bn in 2002 from $2.8bn in 2001.