Delfi’s earnings drop 8.5% YoY as sales slump to $150.7m in 1Q24

Net sales fell 5.3% YoY.

Delfi Limited saw its earnings before interest, taxes, depreciation and amortisation (EBITDA) decline by 8.5% YoY to US$23.3m in 1Q24 amidst lower net sales.

The mainboard-listed company’s net sales fell 5.3% YoY to US$150.7m.

The company attributed its lower net sales to the “decision to reduce and re-focus spending on trade promotions, combined with weakness in regional currencies against the US dollar.”

Delfi’s Indonesia and regional markets also reported lower revenues of US$103.5m (-6.6% YoY) and US$47.2m (-2.5% YoY), respectively.

“In Indonesia, the lower sales performance can be attributed to lower Own Brands sales following the strategic decision to adopt lower but more targeted trade promotions,” Delfi said.

Meanwhile, lower Own Brands performance in the Philippines and weaker local currencies impacted Delfi’s regional market sales.