Delfi posts 14.4% rise in Q2 profit

CHOCOLATE confectionery company Delfi posted a 14.4 per cent year-on-year rise in net profit to US$9.29 million for the second quarter ended June 30.

Revenue fell 5.8 per cent to US$100.22 million while earnings per share rose to 1.52 US cents from 1.33 US cents.

"The group's 1Q and 2Q 2017 sales performance reflected the on-going product portfolio rationalisation exercise which was implemented in 2016 and the weak retail sales environment," said Delfi. "The product rationalisation programme is an initiative we have undertaken to eliminate lower performing SKUs (stock keeping units) so that we can focus on our core brands and products and drive forward higher margin products."

The directors have declared an interim cash dividend of 1.22 US cents or 1.66 Singapore cents per share to be paid on Sept 8.