DAIRY Farm, buoyed by reduced losses at its Spanish retail operations, yesterday announced a 13.6 per cent jump in profits attributable to shareholders to US$68.1 million for the six months ended June 30.
But turnover rose only 2.5 per cent to $2.38 billion due to exchange-rate fluctuations and the sale of most of its Chinese and Hong Kong food manufacturing business to a joint venture with Nestle.
Earnings per share rose nine per cent to 3.99 cents while the dividend was up 4.7 per cent to 1.55 cents a share.
Analysts said results were in line with expectations that net profit would climb between 10 and 14 per cent.
Dairy Farm group finance director Tim Westinghouse said the company has managed to shrink pre-tax losses in Spain to $8.3 million from $16.5 million despite difficult market conditions caused by the country's soft economy.
Costs had been slashed by eliminating 200 employees and closing seven stores, he said.
