Other Associates

The Group’s reported financial results for the year were significantly impacted by its share of Yonghui’s losses, representing a US$119 million swing in profit relative to the prior year. Yonghui’s financial performance was impacted by a combination of normalisation of sales performance particularly in the first quarter, reduced margins resulting from rising competition, as well as investments in digital.

The Group’s share of Robinsons Retail’s profit increased by 4% relative to the prior year. Robinsons Retail financial performance has been impacted by the normalisation of sales revenues in its supermarket business segment in the first quarter. However, the company reported strong growth in net income in the third quarter, with continued improvement in quarterly performance indicative of the recovery of the Philippines economy. The integration of Rose Pharmacy is making good progress.