Deconsolidation of M'sian unit hits QAF's Q1 gain

Singapore

GARDENIA bread maker QAF on Tuesday reported a 13 per cent drop in net profit to S$14.2 million for its first quarter, as revenue also fell due to the deconsolidation of a Malaysian unit.

For the three months ended March 31, 2017, its revenue fell 15 per cent to S$212.7 million, due to the deconsolidation of financial results of Gardenia Bakeries (KL) (GBKL) from that of the group's.