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Sino Grandness narrows Q4 loss to 105m yuan

MAINBOARD-LISTED Sino Grandness Food Industry Group posted a loss of 104.5 million yuan (S$22.4 million) for the fourth quarter ended Dec 31, 2015, compared to a loss of 198.8 million yuan in Q4 2014.

The Shenzhen-based producer and distributor of own-branded juices and canned fruits and vegetables saw revenue rise 70.2 per cent to 857.3 million yuan in Q4 2015 compared to 503.6 million yuan in the previous corresponding period.

It made a loss per share of 15.5 yuan cents for the quarter from a loss of 33.8 yuan cents in the previous corresponding period.

The company declared a dividend of 1.8 yuan cents per share from none over the previous year.

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For the full year, it earned 206.7 million yuan, down 17 per cent from 249.5 million yuan in 2014, due to higher distribution and selling expenses and changes in fair value of the option derivatives.

Full-year revenue rose 17.5 per cent to 3.3 billion yuan, which the firm attributed to higher sales in the beverage segment and canned products in the domestic market - this was mainly due to expansion of distribution network in China. This was, however, partially offset by lower sales of canned products overseas.

The stock gained one Singapore cent or 2.4 per cent to finish at 43.5 Singapore cents on Friday.

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