Dairy Farm's FY14 profit edges up 2%

RETAIL group Dairy Farm posted a 2 per cent rise year on year in net profit to US$509 million while sales were up 6 per cent at around US$11 billion.

Underlying profit increased 4 per cent to US$500 million, while underlying earnings per share were 36.98 US cents, up from 35.52 US cents previously. Basic earnings per share were 37.65 US cents, from 37.05 US cents.

Including associates and joint ventures, sales climbed 5 per cent to US$13.1 billion, the firm said in its preliminary announcement of results for the year ended Dec 31, 2014.

Dividends per share came to 23 US cents, comparable to the previous financial year.

Dairy Farm said: "Trading conditions in some of the group's major markets are expected to remain challenging, especially for the food businesses in South-east Asia. The group's approach, however, is to drive sales and profit growth in ways that build long-term value."

"To that end, the group continues to invest in new and existing stores, strengthen its brands, improve operations and enhance the shopper experience across all formats."