Delfi's profits up 14.4% to $12.7m

It was boosted by a one-off pre-tax divestment gain of US$4.6m.

Delfi Limited, formerly Petra Foods, recorded a rise in profits by 14.4% to $12.7m (US$9.3m), backed by a one-off pre-tax divestment gain of $6.3m (US$4.6m).

According to OCBC Investment Research, its revenue dropped 5.8% to $136.6m (US$100.2m) in Q2.

Delfi's half-year PATMI also fell by 10% due to a bleak retail environment in Indonesia. The company also removed its weaker performing stock keeping units (SKUs) in Indonesia and the Philippines.

The Company's Own Brands sales saw double digit growth in the remaining two months of Q2 and formed 60.0% of the revenue.

Delfi also had higher underlying sales (in local currency) in Regional Markets.

Gross profit margin (GPM) also inched by 33.2% in Q2, due to lower input costs but higher depreciation from its Bandung production facility.