QAF to book RM22 million of insurance payout as exceptional gain
Including the latest payment, it received total payouts of about RM131 million for a factory affected by flooding
QAF will book the RM22 million (S$6.8 million) it received as final insurance payment for flooding compensation as exceptional gain in its financial results for the second half of FY2024 and the financial year, the bakery said in a regulatory filing on Monday (Sep 30).
In the filing, QAF said that one of the Malaysian factories was hit by severe flooding in Peninsular Malaysia in December 2021. The total insurance payouts, including the latest payment, amounted to about RM131 million for consequential loss as well as damage to stock, property, plant and equipment.
QAF, the Gardenia-brand bread maker, is assessing the tax liability for the latest payment.
QAF shares were up 1.2 per cent or S$0.01 at S$0.83 on Monday at market close, before this announcement was made.
Copyright SPH Media. All rights reserved.
