Dairy Farm International (DFI), the Hong-Kong based parent of beleaguered Australian supermarket chain Franklins, has reported considerably more promising results from its giant hypermarket the IMM Building.
Sales for the first year of this store, which achieved a net profit in its fourth month after opening last June, are now expected to surmount the analyst’s forecast of between US$80m and US$100m.
In Australia, meanwhile, the enormous losses incurred through DFI’s investments in Franklins contributed to the group’s finding itself in the red last year, as the net profit of US$37.3m recorded in 1999 gave way to a net loss of US$194.5m.
Performance in DFI’s South Asia operations, across Singapore, Malaysia, India and Indonesia, were heralded as a success however, with sales up 87.4% to US$757m and profit in this area increasing 82.5% to US$25m. The group is hoping that the turnover from its Singapore operations, which include the Guardian Pharmacy chain, 7-Eleven convenience stores and supermarket chains Cold Storage and Jasons, will increase by 10% to reach US$1bn during 2001.