- 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.
