Food company QAF's Q2 profit plunges 72%

MULTI-INDUSTRY food company QAF on Tuesday reported a 72 per cent plunge in net profit attributable to shareholders for its fiscal second quarter ended June 30, 2017.

Its net profit fell to S$8.1 million, from S$28.8 million the year before.

Part of the fall was due to QAF selling 20 per cent of its shareholdings in Gardenia Bakeries (KL) Sdn Bhd (GBKL) in April 2016, which resulted in GBKL ceasing to be a subsidiary and not having its operating profits consolidated into the group's.

QAF's revenue improved slightly to S$209.8 million in the second quarter, from S$208.4 million the year before.

QAF shares closed half a cent lowe at S$1.30 on Tuesday.