SINGAPORE (May 7): Chocolate confectionery company Delfi saw its earnings grow 33.1% to US$7.6 million ($10.1 million) for the 1Q ended March, from US$5.7 million a year ago.
1Q18 revenue rose 15.1% to US$107.3 million, from US$93.3 million a year ago.
This was driven mainly by sales of Delfi’s Own Brands products in Indonesia, especially its premium product.
In addition, the higher revenue was boosted by sales deferred from Dec 2017 as well as the run-up to the Muslim Lebaran festivities.
As at end March, cash and cash equivalents stood at US$51.7 million.
“The benefits of the strategic restructuring of our organization, product portfolio, and routes-to-market implemented over the last two years are starting to yield the desired results,” says John Chuang, Delfi’s chief executive officer.
“We are fully committed to the broad strategy of consolidating our core strengths, containing operational costs and investing in core brands and key markets in order to grow our business sustainably over the long term,” he adds.
Shares of Delfi last closed at $1.45 on May 4.
