RETAIL | Staff Reporter, Singapore

Dairy Farm's net profit slumps 17% to US$424m in 2015

Escalating forex woes are to blame.

Retail giant Dairy Farm reported that its full-year net profit dropped 17% to US$424 ($585m) in 2015, on back of lower profit margins and adverse exchange rate movements.

The group's food division and its health and beauty division reported lower profits for the year, though other business segments saw positive like-for-like sales growth.

The group booked US$118.9m in losses from exchange translation differences, compared to US$41.1m last year.

“The current economic headwinds in Asia will continue to make trading conditions difficult for the Group’s businesses in 2016," said Ben Kenswick, Chairman of Dairy Farm.

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