Neo Group corrects Q3 working capital changes; Q3 earnings rise to S$2.1m

FOOD solutions provider Neo Group said on Friday morning that it had made a mistake in its working capital changes related to trade and other receivables for its third-quarter results released on Feb 7.

The group had earlier said that trade and other receivables amounted to S$2.52 million. This was in fact S$821,000.

As a result, net cash from operating activities has increased to S$8.2 million from the S$6.5 million presented earlier, while cash and cash equivalents at the end of the reporting period has risen to S$11.6 million from S$9.9 million.

The firm had posted a net profit of S$2.1 million for the third quarter ended Dec 31, up from S$125,000 previously, partly due to the absence of a one-time loss.

Revenue, however, slipped 4.2 per cent to S$44.7 million compared to a year ago, mainly due to a fall in its Supplies and Trading business revenue.

Earnings per share for the nine months ended Dec 31 stood at 0.61 Singapore cent, compared to 0.39 cent for the period before that.