Delfi's Q2 net profit rises on better margins

CHOCOLATE confectionery company Delfi reported a 9.3 per cent increase year on year in net profit for the second quarter ended June 30 to US$8.13 million, lifted by improved margins.

This was despite revenue falling 7.5 per cent to US$106.38 million.

Earnings per share (including exceptional items) was 1.33 US cents, up from 1.22 cents a year ago.

Delfi, which was previously known as Petra Foods, also chalked up a 9.2 per cent rise in net profit to US$16.57 million for the six month period while revenue was 5.1 per cent lower at US$209.93 million.

Delfi said: "In addition to growing our sales, we will focus on driving cost efficiencies through our organisation. Through this combination of top line focus and stepped up productivity efforts, we remain cautiously optimistic for the remainder of the year and expect, barring unforeseen circumstances, the group's financial performance in FY2016 to be better than FY2015."

An interim dividend of 1.36 US cents, or 1.83 Singapore cents per share, has been declared.