Dairy Farm's 1H13 profits dip 5% despite sales growth

But Hong Kong's numbers were laudable.

According to CIMB, 1H core earnings dropped 5% yoy due to margin challenges in Malaysia and Singapore. The weakness was partially offset by a stellar Hong Kong performance.

CIMB said that sales grew by 7% yoy, which was within ourexpectation. An interim DPS of 6.5 UScts (flat yoy) or 38% payout was declared.

"The group guides for a modest improvement in 2H. 1H forms 46% of our revised FY13 forecast. In Malaysia, the Giant hypermarkets and supermarkets maintained sales at a similar level to last year, but recorded sharply lower profits due to more aggressive promotional activity and lower supplier income," CIMB said.

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