Neo Group's six-month profit falls 9.1%; sales up 21.2%
Bigger sales team, higher ad costs to drive growth
NEO Group's net profit for the six months ended July fell 9.1 per cent from S$2.8 million to S$2.5 million.
The food catering group said this was due mainly to the bottom line not capturing the full length of the Chinese New Year season in the period, as well as an increase in sales team and advertising costs to drive business growth.
Neo Group announced the change of its financial year from Jan 31 to March 31 in May this year. The current financial year will thus cover a period of 14 months, from Feb 1, 2014, to March 31, 2015.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly
HCA beats first-quarter profit estimates on higher patient admissions