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Higher F&B earnings lift Yeo Hiap Seng's Q2 profit by 103% to S$8.1m
LOWER costs helped food and beverage maker Yeo Hiap Seng reap rewards in the three months ended June 30, helping it more than double its net profit when compared to a year ago.
It recorded S$8.12 million in net profit after tax attributable to equity holders for Q2, 103 per cent higher than the $4 million recorded in the corresponding quarter last year.
"This was mainly due to higher net profit of S$1.81 million generated from F&B (food and beverage) division and partially offset by an absence of over provision of tax in prior year of S$1.63 million in property division," the group said in a filing to the Singapore Exchange after trading hours on Wednesday.
The higher net profit resulted from lower advertising, promotion, selling, distribution, and administrative expenses. For example, it had lowered advertising and promotional expenses by S$4.5 million.
The group's revenue slipped to S$112.8 million in Q2, 3.5 per cent lower than in Q2 last year.
Earnings per share rose to 1.41 Singapore cents, compared with 0.7 cent last year. Net asset value per share, however, fell to 86.99 Singapore cents from 88.62 cents last year.
No dividend was proposed.