Food Empire Q4 profit jumps 84%

Singapore

FOOD Empire Holdings on Monday reported an 83.6 per cent jump in net profit to about US$5 million for the fourth quarter ended Dec 31, 2019.

Revenue for the instant coffee and snack manufacturer grew 4.7 per cent to US$73.3 million, with sales increasing in its Russia, Ukraine, Kazakhstan and CIS (Commonwealth of Independent States) markets. Meanwhile, sales in South-east Asia decreased by 5.6 per cent due to the rationalisation of underperforming markets.