QAF's FY profit up 17%; sales hit by exchange rate

Singapore

SINGAPORE-listed QAF, which bakes bread under the Gardenia label as well as other pastries, posted a 17 per cent jump in net profit to S$52.5 million for the year ended December 2015 from S$45.08 million a year ago.

Revenue came in marginally lower by 2 per cent at S$998.3 million from S$1.02 billion, mainly owing to the translation effect of the higher Singapore dollar versus the currencies of countries where it operates.