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.
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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.
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By GlobalData
