Delfi’s 1Q24 revenue of US$150.7m (-5.3% y-o-y) was slightly below our expectations, forming 26% of our full-year forecast. The revenue decline stemmed from weaker local currencies against the US dollar, as well as lower trade promotion spending for its own brands.
- Read this at SGinvestors.io -
1Q24 results slightly below expectations.
Delfi (SGX:P34) registered 1Q24 revenue of US$150.7m (-5.3% y-o-y, +15.2% q-o-q), making up 26% of our full-year forecast.
1Q is Delfi's seasonally strongest quarter with festivities such as Valentine's Day and Lebaran, forming 30% of full-year revenue on average for the past five years. Hence, 1Q24 performance slightly missed our expectations.
- Read this at SGinvestors.io -
EBITDA declined a substantial 8.5% y-o-y to US$23.3m, while EBITDA margin contracted by a marginal 0.5ppt from stringent cost management.
Own brands showing signs of losing steam.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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