Forex provisions hit QAF earnings
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Singapore
QAF Ltd, better known for its Gardenia Bread, reported a 13 per cent decline in net profit to $30.19 million for the full year ended Dec 31 due mainly to its provision for unrealised foreign exchange loss.
The group's revenue for 2013 rose 4 per cent from a year ago to $1.02 billion as the company recorded higher sales in all its business segments.
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