Catering group Neo's Q3 profit plunges 97.4%

CATERING company Neo Group on Thursday posted a 97.4 per cent fall in net profit from S$4.8 million a year ago to S$0.125 million for its third quarter ended Dec 31, 2016 (Q3 2017) - attributable to the absence of a S$4.3 million one-time gain recognised in Q3 2016 from the bargain purchase on the acquisition of subsidiaries.

Revenue grew by 23.4 per cent to S$46.7 million, mostly lifted by a S$7.6 million rise in revenue from the group's food and catering supplies business, which commenced supplying and trading frozen meat to a local third-party customer that contributed to the S$7.7 million segment revenue reported in this quarter compared to S$0.1 million in Q3 2016.

Earnings per share came up to 0.09 Singapore cent for the quarter, compared with 3.34 Singapore cents in the previous year.

No dividends were declared for this period.