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SINGAPORE-LISTED Thai beverage and food company QAF on Friday posted a 129 per cent jump in its full-year net profit to S$120.4 million, due mainly to exceptional gains from the sale of its 20 per cent stake in Gardenia Bakeries as well as fair value gains recognised from its remaining 50 per cent.
Revenue for financial year 2016 dipped 11 per cent year on year to S$889.5 million, mainly attributable to deconsolidation of financial results of Gardenia Bakeries from that of the group's.
The group sold 20 per cent of its shareholdings in Gardenia Bakeries in April 2016 in compliance with regulatory requirements, reducing its stake to 50 per cent. Gardenia Bakeries then ceased to be a subsidiary and has become a joint venture of the group.
Excluding exceptional items, earnings per share (EPS) were 10.9 Singapore cents, up from 9.4 Singapore cents a year ago. Including exceptional items, EPS were 21.4 Singapore cents.
QAF said market conditions are expected to continue to be challenging, citing exposure to slow-growth markets, currency volatility, higher costs and increased competition as factors.
A proposed final dividend of four Singapore cents per share was declared.