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Yeo Hiap Seng's net profit dives 41% to S$5.4m

YEO Hiap Seng's net profit for the three months ended March 31, 2016 plunged 41.02 per cent to S$5.4 million. It said this was mainly due to lower net profit generated from its food & beverage division.

Revenue was down 8.64 per cent to S$111 million.

Earnings per share stood at 0.94 Singapore cents per share - lower than the 1.59 Singapore cents per share recorded in the corresponding quarter a year ago.

No dividend was declared.

The group expects its food & beverage margins to come under pressure in the next 12 months, "mainly due to soft economic conditions and weak outlook for (its) key markets; competitive selling prices; and uncertainty in raw material prices".

"Further, the fluctuations in the regional currencies will have an impact on our results," said the group, adding that its property development segment is "dormant".

"Overall, the group's performance is expected to remain satisfactory."