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Neo Group corrects Q3 working capital changes; Q3 earnings rise to S$2.1m

FOOD solutions provider Neo Group said on Friday morning that it had made a mistake in its working capital changes related to trade and other receivables for its third-quarter results released on Feb 7.

The group had earlier said that trade and other receivables amounted to S$2.52 million. This was in fact S$821,000.

As a result, net cash from operating activities has increased to S$8.2 million from the S$6.5 million presented earlier, while cash and cash equivalents at the end of the reporting period has risen to S$11.6 million from S$9.9 million.

The firm had posted a net profit of S$2.1 million for the third quarter ended Dec 31, up from S$125,000 previously, partly due to the absence of a one-time loss.

Revenue, however, slipped 4.2 per cent to S$44.7 million compared to a year ago, mainly due to a fall in its Supplies and Trading business revenue.

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Earnings per share for the nine months ended Dec 31 stood at 0.61 Singapore cent, compared to 0.39 cent for the period before that.

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