DFI Retail's (SGX:D01) underlying profit dropped 18% year over year during the first quarter of the year, according to a filing with the Singapore Exchange on Monday.

The drop in profit was mainly due to the divestment of Yonghui, a supermarket chain.

However, excluding divestments, underlying profit surged 28% year over year.

On a like-for-like basis, sales from the Health and Beauty division were up 4%.

LFL sales from the Convenience segment were down 6% year over year due to lower cigarette sales in Hong Kong.

Food profit meanwhile, was up 14% year over year.