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Delfi's net profit dives 33.4% to US$5.6m in Q1 on lower sales, higher tax

LOWER sales in Indonesia and higher effective tax rate dented results for mainboard-listed chocolate confectionery company, Delfi Limited, in its first quarter.

Net profit dived 33.4 per cent to US$5.6 million from the previous year, the group said in a Singapore Exchange filing on Monday evening.

For the three months ended March 31, revenue fell 10.1 per cent to US$93.1 million from the year-ago period. The slide in sales in Indonesia was partly due to an ongoing product portfolio rationalisation exercise and an ongoing review of trading terms, it said.

Higher effective tax rate on the back of higher withholding tax paid on dividend and royalty income received from the group's subsidiaries in Indonesia also impacted its Q1 performance.

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Earnings per share dropped to 0.92 US cent from 1.38 US cents in the preceding year. Net asset value per share crept up to 34 US cents as at March 31, from 32.9 US cents three months ago.

Delfi shares last closed at S$2.20 on Friday.