The Group’s share of Yonghui’s underlying losses was US$36 million for the year, compared to a US$80 million share of underlying losses in the prior year. The reduction in losses was underpinned by an improvement in gross margin as well as cost optimisation. Nevertheless, Yonghui’s sales performance in the year has been impacted by a combination of challenging macroeconomic conditions and intense competition.

Robinsons Retail’s underlying profit contribution reduced from US$24 million to US$15 million. Robinsons Retail continued to report strong sales and core net earnings growth. For reporting purposes, however, DFI’s share of underlying profits was adversely impacted by foreign exchange losses and higher net financing charges reported by Robinsons Retail.