DAIRY Farm International on Wednesday posted a 35-per-cent drop in net profit to US$115 million, despite a 6 per cent increase in total sales to US$14.5 million. 

 

It attributed its earnings fall to the reduced contributions from its health and beauty segment, Maxim&rsquo s and convenience stores as a result of Covid-19, the curbs imposed by governments to contain the pandemic, and the impact of the contagion on customer behaviours.

 

There were, however, strong performances from the group' s grocery-retail and home-furnishings businesses, it said. Total sales had risen due to higher contributions from Robinsons Retail and Chinese supermarket operator Yonghui.

 

Sales by the group&rsquo s subsidiaries in the first half were lower by 9 per cent, primarily due to the annualised impact of store closures in 2019 under the group&rsquo s space optimisation plan in South-east Asia, as well as reduced revenues from convenience stores and health and beauty as a result of pandemic-related restrictions.

 

An interim dividend of 5 US cents per share has been declared, 23 per cent lower than the 2019 interim dividend of 6.5 US cents.

 

It will be payable on Oct 14.