Dairy Farm to expand after 22pc profit rise

PUBLISHED : Friday, 07 March, 2008, 12:00am
UPDATED : Friday, 07 March, 2008, 12:00am

Dairy Farm International Holdings, which runs supermarkets and convenience shops across Asia, says it will continue to expand after delivering a 22 per cent growth in last year's profit to US$258 million.

The Singapore-listed pan-Asian retail company, which operates chains including Wellcome, Mannings, Ikea and 7-Eleven and holds stakes in Maxim's and Starbucks in Hong Kong, said it would focus on growth on the mainland and allocate more resources to expand in Indonesia and Malaysia.

It now has 440 7-Eleven outlets on the mainland, of which 41 are franchised, as well as 30 Mannings pharmacy stores. In Hong Kong, it forecasts less stellar results for Ikea because of the partial closure and relocation of its Sha Tin store.

Dairy Farm said sales for the 12 months to December rose 13 per cent to US$6.8 billion. Earnings per share jumped 22 per cent to 19.19 US cents.

A final dividend of 8.5 US cents was declared, bringing the total dividend for the year to 11.5 US cents per share.