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Yeo Hiap Seng's profit hurt by lower revenues
FOOD and beverage company Yeo Hiap Seng (YHS) reported on Tuesday a 21 per cent drop in net profit attributable to shareholders for the full year ended Dec 31, 2016.
Its net profit fell to S$29.0 million, from S$36.8 million the year before.
For the quarter ended Dec 31, 2016, YHS's net profit fell to S$10.3 million, from S$14.2 million a year earlier.
YHS said that this was due mainly to lower revenue and higher raw material costs during the period.
Its revenue was down to S$91.5 million in Q4 2016, from S$95.6 million in Q4 2015. For the full year, its revenue was down to S$410.0 million, from S$443.5 million in FY2015.
Full-year revenues were hurt by lower takings in Singapore, Malaysia, China and North America, and partially offset by an improved performance in Cambodia, YHS said.
Its earnings per share (EPS) was 1.79 cents in Q4 2016, from 2.47 cents in Q4 2015. For FY2016, its EPS was 5.01 cents, from 6.39 cents a year earlier.
YHS shares closed on Tuesday one Singapore cent down at S$1.38.