Delfi's 3Q profits recovered from last year's slump

PATMI stood at $8.2m during the period.

Delfi Limited reported its 3Q16 results that came in within expectations, said OCBC Investment Research.

3Q16 revenue was up 2.4% YoY to US$86.6m (S$121.13m), but in constant currency terms, underlying revenue was marginally down by 0.7%.

Excluding exceptional charges in 3Q15, 3Q16 PATMI improved to US$5.9m (S$8.2m) from a net loss of US$1.2m (S$1.68m) in 3Q15.

For 9M16, revenue was down 3.1% to US$296.5m (S$414.71m) while PATMI (excluding exceptional items) rose 55% to US$22.5m (S$31.47m).

Notably, 3Q16 gross profit margin continued to improve to 35.5% (28.4% for 3Q15, 33.3% for 2Q16) due to higher sales of Own Brands products, selective price adjustments, rationalization of underperforming products as well as ongoing cost containment initiatives.