| To: Business Editor | For immediate release |
The following announcement was issued to the London Stock Exchange on 2nd June 1999.
DAIRY FARM - CHAIRMAN'S ANNUAL GENERAL MEETING STATEMENT
2nd June 1999 -- At the Annual General Meeting of Dairy Farm International Holdings Limited held today in Bermuda the Chairman, Mr Simon Keswick, said, "At the time our results were announced in March, I indicated that the trading conditions under which Dairy Farm operates were expected to remain difficult in 1999, and this has proven to be the case.
In Hong Kong our year-to-date retail sales are 8% down on last year due to the poor economic climate and the effect of an increase in the store sales area of the principal competitors. Despite this, our initiatives to expand and refurbish our stores in Hong Kong and the implementation of Shared Services are proceeding and are on schedule to deliver significant benefits.
In Australia, sales have increased by 5% on last year, but the costs associated with opening new stores, fresh food conversions and acquisitions have impacted profit and will constrain half year operating profit to below last year.
It is, therefore, expected that the Group's net profit for the first half of 1999 from continuing activities, before Y2K costs, will not match that of 1998."
For further information, please contact:
Dairy Farm Management Services Limited
Ian Durant
c/o Forrest International Limited
Terri-Helen Gaynor
(852) 2501 7935 (office)
(852) 9097 6253 (mobile)
This announcement can be accessed through the Internet at "http://www.irasia.com/listco/sg/dfi". It is also available through "First Call".
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