Yeo Hiap Seng Q4 profit dives 81.5% on lower fair value gains

DESPITE higher revenue, beverage maker Yeo Hiap Seng recorded a net profit of S$338,000 for the fourth quarter last year, an 81.5 per cent plunge from S$1.8 million for the year-ago period.

The decrease was mainly due to lower fair value gains on investment properties, the mainboard-listed firm said in results released on Thursday night.

Fair value gains on investment properties, net of tax, more than halved to S$2.4 million for the quarter, from S$5.5 million a year ago.

Earnings per share stood at 0.06 Singapore cent for Q4, down from 0.31 cent a year ago.

Revenue rose 6.3 per cent to S$84.2 million, from S$79.2 million a year ago, thanks to higher sales in Singapore, Malaysia and Cambodia.

The directors proposed a final dividend of S$0.02 per ordinary share and a one-time special dividend of S$0.01 per ordinary share, for approval by shareholders at the upcoming annual general meeting.

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The dividends will be paid on May 20 after books closure on May 12.

For the full year ended Dec 31, 2019, net profit increased by 47.1 per cent to S$17.7 million, from S$12 million a year ago. Revenue rose 4.5 per cent to S$364.3 million from S$348.6 million in 2018.

Shares of Yeo Hiap Seng were flat at 89.5 Singapore cents as at 9.19am on Friday.